Bayer is reportedly close to announcing a settlement of 50,000 to 85,000 lawsuits alleging exposure to its Roundup herbicide caused cancer.

Citing “people familiar with the negotiations,” Bloomberg News reported the company has reached “verbal agreements” on a settlement worth approximately $10 billion.

Bayer did not comment on whether a settlement agreement is imminent. “We’ve made progress in the Roundup mediation discussions under the auspices of Ken Feinberg, but in keeping with the confidentiality of this process, the company will not speculate about settlement outcomes or timing,” spokesperson Chris Loder said. “As we have said previously, the company will consider a resolution if it is financially reasonable and provides a process to resolve potential future litigation.”

Feinberg, an attorney, was appointed by U.S. District Judge Vincent Chhabria to mediate in the lawsuits. He told Bloomberg he was “cautiously optimistic” a national settlement could be reached.

Individual awards under the agreement “will range from a few million dollars to a few thousand each, said the people, who asked not to be identified because they aren’t authorized to speak publicly,” Bloomberg reported.

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