Bayer AG (ETR:BAYN, OTC:BAYZF) has told US lawmakers it may halt sales of its popular Roundup weedkiller in the United States unless stronger legal protections are implemented to protect the company from ongoing product liability lawsuits, according to a Reuters report citing a source with knowledge of the matter.
The German company has already paid about $10 billion to settle claims alleging that the herbicide glyphosate featured in Roundup causes cancer.
There are approximately 67,000 pending cases, for which Bayer has set aside an additional $5.9 billion in legal provisions.
"We are exploring every possibility to end this litigation,” Bayer told Reuters.
The Environmental Protection Agency (EPA) has consistently deemed glyphosate safe for use, as have other regulators around the world. Bayer argues that plaintiffs should not be allowed to sue under state laws, given the EPA's approval of glyphosate.
The company is the only glyphosate producer in the United States.
Bayer’s US-listed shares traded down 5.5% on Friday morning.