June 24 (UPI) -- Bayer on Wednesday agreed to pay $10 billion to settle thousands of lawsuits claiming the Roundup weed killer causes cancer.
As part of the agreement, Bayer -- which purchased Monsanto, the maker of Roundup, in 2018 -- admitted no wrongdoing or liability.
Bayer CEO Werner Baumann said the settlement puts an end to a long period of uncertainty for the company.
"It is financially reasonable when viewed against the significant financial risks of continued, multiyear litigation and the related impacts to our reputation and to our business," he said.
"The decision to resolve the Roundup litigation enables us to focus fully on the critical supply of healthcare and food. It will also return the conversation about the safety and utility of glyphosate-based herbicides to the scientific and regulatory arena and to the full body of science."
The plaintiffs in the lawsuits said the herbicide caused illness because it contains glyphosate, which the World Health Organization classifies as "probably carcinogenic in humans." The lawsuits say Monsanto ignored warnings and covered up the potential threats to customers.
In March 2019, a California jury awarded $80 million to a man who said Roundup caused his non-Hodgkin lymphoma. An appellate judge lowered the award to $25.27 million.