Bayer to pay $11 bln to settle Roundup claims

Eleven billion dollars is what German chemical giant Bayer is set to pay to settle claims its weedkiller Roundup is linked to cancer.

Roundup has faced about 125,000 lawsuits over its alledgedly carcinogenic effects.

The company announced the settlement in a Wednesday statement and say it was reached on behalf of about 100,000 of the cases and account about 95% of those set for trial.

Bayer has not admitted any liability or wrongdoing.

The cases revolve around glyphosate, an active ingredient in Roundup. Bayer says decades of independent studies show the product is safe for human use.

It's Chief Executive Werner Baumann said the settlement will quote 'bring a long period of uncertainty to an end."

Bayer actually inherited the legal disputes over Roundoup when it bought Monsanto for $64 billion dollars two years ago.

The Roundup deal dwarfs any previous out-of-court settlement for a product, including Merck's $5 billion dollar deal to end litigation of its withdrawn painkiller Vioxx.

A company spokesman said the company will continue to sell Roundup, and will not add a cancer warning label to the product.