Numerous plaintiffs in the United States have sued Monsanto for compensation, alleging the pesticide Roundup contains glyphosate, which can cause health problems, including cancer.
Bayer inherited the lawsuits when it bought Monsanto in 2018.
The total amount will be paid out over 21 years, according to Bayer.
Bayer has previously been ordered to pay damages in some cases, and agreed to a $10.9 billion settlement in 2020 in other cases. However, several legal cases have remained unresolved.
A settlement must be approved by a court in the United States.
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