--Bayer AG is being taken to court by law firms Hausfeld and Tilp over the use of glyphosate in weedkiller, according to the German finance magazine WirtschaftsWoche.

--Hausfeld's lawyers are seeking EUR37 million on behalf of U.S. investor Kingstown Capital Management, while lawyers for Tilp accuse Bayer of "breaching their duty under capital market law." The firms say Bayer was aware of the risk of complaints regarding allegations of a link between cancer and glyphosate succeeding when it acquired Monsanto in June 2018.

--Bayer told The Wall Street Journal that the accusations are unfounded and that they will defend themselves accordingly. The company said it had acted at all times in accordance with all obligations and the law. "We performed appropriate due diligence with respect to the acquisition," the company said.

 

Full story: https://bit.ly/3qEFrdh

 

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(END) Dow Jones Newswires

January 22, 2021 07:32 ET (12:32 GMT)

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