Bayer has agreed to settle thousands of US lawsuits claiming that its widely-used weedkiller Roundup caused cancer for as much as $10.9 billion after more than a year of talks, resolving litigation that has hit the company's share price.
"The Roundup settlement is the right action at the right time for Bayer to bring a long period of uncertainty to an end," chief executive Werner Baumann said. "Bayer wisely decided to settle the litigation rather than roll the dice in American court," said Mr Feinberg, who has mediated other high-profile disputes, including over the 9/11 Victim Compensation Fund, the BP Deepwater Horizon disaster and Volkswagen's diesel emissions scandal.
Bayer said it expects to maintain its investment grade credit ratings and intends to keep its dividend policy.