INTERNATIONAL crop protection giant Bayer has settled around 75 per cent of its law suits in the US regarding its glyphosate-based herbicide Roundup.
The German-based business plans to shell out up to an eye-watering $15.8 billion to resolve current and future litigation in the US.
However, Brett Begemann, chief operating officer of Bayer Crop Science, said the company maintained its position that glyphosate was safe to use.
He also reassured customers that all glyphosate-based products would remain available.
Mr Begemann added the company would continue to actively defend the two class actions brought against it in Australia.
In a series of big announcements, Bayer also confirmed it would pay $579 million to settle litigation lodged because of crop damage due to drift from its dicamba based herbicides and $1.18 billion for PCB (polychlorinated biphenylswater) contamination.
On the glyphosate front, Bayer estimates around 75 per cent of the approximately 125,000 cases lodged against it in the US will be settled, rising to 95pc of cases currently set for trial.
Moving forward, Mr Begemann said the resolution also contained a mechanism to resolve potential future claims efficiently
The agreements contain no admission of liability or wrongdoing and Mr Begemann assured farmers Bayer remained committed to glyphosate-based products.
"We recognised the important place these herbicides have in farming systems."
"The litigations were brought forward based on one outlier in research, the IARC (International Agency for Research on Cancer) study, we trust the regulators and the science on this one which overwhelmingly find glyphosate is safe to use."
Joerg Ellmanns, Bayer Crop Science divisional head for Australia and New Zealand said there was continued demand for the product in Australia.
"Sales this year have been up, based on the rain we received in the first quarter," Mr Ellmanns said.
The settlements do not apply to the three cases that have gone to trial in the US so far and Bayer's appeals against the decisions wll continue.