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Philadelphia courthouse on Tuesday Reduced judgment by $2.25 billion v. Bayer (OTCPK:BAYRY) (OTCPK:BAYZF) for $400 million against a man who said he developed cancer as a result of exposure to the company's weed killer.
Owned by Bayer (OTCPK:BAYRY) (OTCPK:BAYZF) will now become Monsanto. He is required to pay $350 million in punitive damages and just over $50 million in compensatory damages in the case, according to court documents.
The company said it still disputes the liability ruling and will seek to appeal to the Pennsylvania Supreme Court.
“While the court's decision reduces unconstitutional excessive compensation, we continue to disagree with the liability judgment ruling, as the trial was marred by significant and reversible errors,” Bayer (OTCPK:BAYRY) (OTCPK:BAYZF) said.