Bayer (OTCPK:BAYRY +4.3%) says it has hired an external lawyer to advise its supervisory board and formed a new committee in an attempt to resolve the company’s multi-billion dollar glyphosate litigation problem.
Taking the job is U.S. lawyer John Beisner from Skadden, Arps, Slate Meagher & Flom LLP to advise the supervisory board on matters related to the glyphosate litigations, including trial tactics and mediation.
More than 13K plaintiffs in the U.S. allege Bayer’s glyphosate weedkiller Roundup, produced by Monsanto, caused cancer and that the company failed to warn about risks in using the product.
Elliott Associates discloses it holds Bayer shares and financial instruments equivalent valued at 1.1B ($1.3B) and says the company’s steps today will provide a new level of oversight and a fresh perspective to a litigation strategy, which it says needs a radical overhaul.
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