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May 25, 2023

Bayer investors granted class-action status in lawsuit over Monsanto deal

A federal judge has given the green light for a class-action lawsuit to proceed against Bayer AG brought by investors unhappy with the company’s $63 billion purchase of Monsanto Co. in 2018.

The suit, brought by three pension funds, alleges that Bayer AG misled investors over the risks of the acquisition and failed to properly perform due diligence before buying Monsanto, which at that time was the world’s largest seed company and the maker of the popular, but controversial, Roundup weedkiller.

Just weeks after closing the deal, Bayer shares plunged when Monsanto lost a bellwether trial brought by a California groundskeeper who alleged he developed non-Hodgkin lymphoma due to his exposure to Monsanto’s weed killer. The loss triggered a flood of additional litigation and ultimately led Bayer to agree in 2020 to pay roughly $11 billion to try to settle similar claims brought by more than 100,000 plaintiffs.

Bayer’s purchase of Monsanto was dubbed one of the “worst corporate deals” in recent history by the Wall Street Journal.

“These declines in the value of Bayer … caused Lead Plaintiffs and other Class members to suffer significant loss and damages,” wrote the plaintiffs’ law firm, Cohen Milstein, in a statement. ”

The lead plaintiffs in the action are the Sheet Metal Workers’ National Pension Fund and the International Brotherhood of Teamsters Local No. 710 Pension Fund, along with an additional plaintiff – the International Union of Operating Engineers Pension Fund of Eastern Pennsylvania and Delaware.

April 7, 2023

New book details behind-the-scenes drama of Roundup trials

It’s been nearly eight years since the filing of the first US lawsuit alleging that Roundup weed killer and other herbicides made by Monsanto with a chemical called glyphosate can cause non-Hodgkin lymphoma (NHL). Fueled by findings from international cancer scientists, the allegations sprawled into nationwide litigation that ultimately included more than 100,000 plaintiffs, and unveiled long-hidden corporate secrets.

After plaintiffs won the first three trials, Bayer AG, which bought Monsanto in 2018 as the first Roundup trial was getting underway, agreed to pay more than $11 billion to try to settle the litigation, and pledged to withdraw Roundup and other glyphosate-based products from the US consumer market. Though most plaintiffs have now settled, many opted out of the settlement, and trials around the US are continuing.

Chadi Nabhan, MD, MBA, a lymphoma specialist formerly with the University of Chicago, has been a key expert witness in many of the plaintiffs’ cases, including those who won the first three trials.

In his new book, Toxic Exposure: The True Story behind the Monsanto Trials and the Search for Justice, Nabhan gives readers a behind-the-scenes look into how he and other experts working for the plaintiffs’ lawyers pieced together a complicated scientific puzzle that convinced jurors of the company’s liability and the link between Roundup and NHL.

The book details what it was like for Nabhan to join the fight against Monsanto, explains how the trials affected his life’s trajectory, and highlights the struggles faced by plaintiffs suffering from cancer. The New Lede sat down with Nabhan to discuss the link between Roundup and NHL, his experiences at the trials, and what he thinks the public should know.