© Reuters. PHOTO file: The Bayer AG logo was presented at the press conference of the annual results of the German drug manufacturer in Leverkusen, Germany, February 27, 2019. REUTERS / Wolfgang Rattay
FRANKFURT (Reuters) – Investors are asking about 2.2 billion euros ($ 2.5 billion) from Bayer (OTC 🙂 as part of a possible class action lawsuit in Germany over the takeover of the American seed producer Monsanto (NYSE :), the law firm Tilp announced on Monday.
The law firm said that by December 30, that amount had covered lawsuits filed by about 320 investors, institutional and retail, filed with the Cologne District Court.
This represents a significant jump over the more than 250 investors seeking compensation of more than a billion euros Tilp announced last month.
Tilp said he believes Bayer has deceived shareholders about the risks of consumer lawsuits pending in the United States related to the weed killer Roundup, which was introduced to the company through Monsanto’s $ 63 billion 2016 acquisition.
In an e-mail statement, Bayer said all complaints were unfounded, adding that the company had complied with the law and disclosure requirements.
“In addition, we are confident that we have conducted proper due diligence in connection with the acquisition of Monsanto,” Bayer said, adding that he would defend himself accordingly.
In the United States, Bayer is defending itself against thousands of lawsuits filed by Roundup users over the product’s alleged carcinogenic effect. Bayer has always refused.
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