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BAYER IS CONSIDERING OPTIONS TO SETTLE ROUNDUP LAWSUITS, INCLUDING BANKRUPTCY
Mar. 15, 2024
by Jef Feeley, Tim Loh and Crystal Tse, Bloomberg
Bayer AG is weighing whether to use a controversial legal maneuver known as the Texas Two-Step bankruptcy to try to resolve tens of thousands of U.S. lawsuits claiming its Roundup weedkiller causes cancer, according to people familiar with its thinking.
Faced with a recent string of costly jury verdicts over the herbicide, Bayer executives are consulting with law firms and advisers about how to prompt a bankruptcy judge to halt further trials scheduled for this year. The object is to wrangle a settlement of more than 50,000 cases, said the people, who asked not to be identified discussing a confidential matter.
The bankruptcy maneuver gets its name from the use of a Texas state law that lets companies split their assets and liabilities into separate units, then place the unit loaded with liabilities into bankruptcy to drive a global settlement. Courts have rejected the tactic by 3M Co. over suits targeting faulty hearing protection devices for US soldiers and by Johnson & Johnson in litigation tied to its talc-based baby powder.
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