Bayer has been hit with a $100 million verdict in a recent case involving polychlorinated biphenyls (PCB) exposure at a Seattle-area school, highlighting the company's growing legal challenges related to these toxic chemicals, according to an article in Insurance Journal. This verdict is part of a series of cases from the Sky Valley Educational Center, where students and faculty claim brain damage and other injuries from PCB-containing fluorescent light fixtures.
The case marks the 10th trial involving Sky Valley, with previous verdicts totaling over $1 billion in damages. In this latest case, only four out of 15 plaintiffs were awarded damages, including $75 million in punitive damages.
Bayer, which acquired Monsanto in 2018 for $63 billion, has already agreed to pay nearly $2 billion in PCB-related settlements to various states, cities and counties. Notable settlements include $650 million to resolve waterway pollution claims from about 2,500 municipalities, $698 million with Oregon and $456 million combined with six other states and Washington, DC.
The company faces additional challenges beyond PCBs, including ongoing Roundup weedkiller litigation, for which it has reserved $16 billion. Bayer's shares have lost approximately 80% of their value since the Monsanto acquisition.
Bayer is attempting to mitigate costs by seeking indemnification from former corporate customers like General Electric and Westinghouse Electric (now Paramount Global) based on 52-year-old contracts. The company acknowledges in its 2023 annual report that these ongoing legal challenges could result in "considerable financial disadvantages," potentially requiring additional debt or asset sales to cover costs.
