A California shareholder of Bayer AG on Friday filed a lawsuit against the companies’ top executives claiming they breached their duty of “prudence” and “loyalty” to the company and investors by buying Monsanto Co. in 2018, an acquisition the suit claims has “inflicted billions of dollars of damages” on the company.
Plaintiff Rebecca R. Haussmann, trustee of the Konstantin S. Haussmann Trust, is the sole named plaintiff in the suit, which was filed in New York County Supreme Court. The named defendants include Bayer CEO Werner Baumann, who orchestrated the $63 billion Monsanto purchase, and Bayer Chairman Werner Wenning, who announced last month he was stepping down from the company earlier than planned. The suit claims that Wenning’s decision came after Bayer improperly obtained a copy of the then-draft shareholder lawsuit “through corporate espionage.”
A Missouri peach farmer notched a rare courtroom victory this month, defeating the former Monsanto Co. and chemical giant BASF in the first of what is expected to be a series of court fights over claims that the companies are responsible for pesticide damage that has wiped out orchards, gardens, and organic farm fields in multiple states.