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Bayer's logo. Photo: Maja Hitij/Getty Images

Bayer has agreed to pay just over $10 billion in order to settle roughly 125,000 claims that its Roundup weedkiller cases cancer and resolve potential future litigation, the company announced on Wednesday.

The big picture: The settlement includes a $1.25 billion deal for possible future litigation against the company by people who report being diagnosed with non-Hodgkin's lymphoma (NHL) after using Roundup.

What they're saying: “First and foremost, the Roundup settlement is the right action at the right time for Bayer to bring a long period of uncertainty to an end,” Bayer CEO Werner Baumann said in a statement.

  • “It resolves most current claims and puts in place a clear mechanism to manage risks of potential future litigation. It is financially reasonable when viewed against the significant financial risks of continued, multi-year litigation and the related impacts to our reputation and to our business," Baumann said.
  • “It’s rare that we see a consensual settlement with that many zeros on it,” Stanford University professor Nora Freeman Engstrom told the New York Times.

Details: The $1.25 billion payment for future plaintiffs in a separate class agreement will also be used for research into NHL treatment and diagnostics.

  • The company "still faces at least 25,000 claims from plaintiffs who have not agreed to be part of the settlement," the Times reports.

Go deeper: Trump admin sides with Bayer in court battle over weedkiller

Editor's note: This story has been corrected to show that the settlement affects roughly 125,000 claims, not 94,000 claims.

Go deeper

Biden Cabinet confirmation schedule: When to watch hearings

Joe Biden and Kamala Harris on Jan. 16 in Wilmington, Delaware. Photo: Angela Weiss/AFP via Getty Images

The first hearings for President-elect Joe Biden's Cabinet nominations begin on Tuesday, with testimony from his picks to lead the departments of State, Homeland and Defense.

Why it matters: It's been a slow start for a process that usually takes place days or weeks earlier for incoming presidents. The first slate of nominees will appear on Tuesday before a Republican-controlled Senate, but that will change once the new Democratic senators-elect from Georgia are sworn in.

Kamala Harris resigns from Senate seat ahead of inauguration

Vice President-elect Kamala Harris. Photo: Mason Trinca/Getty Images

Vice President-elect Kamala Harris submitted her resignation from her seat in the U.S. Senate on Monday, two days before she will be sworn into her new role.

What's next: California Gov. Gavin Newsom has selected California Secretary of State Alex Padilla to serve out the rest of Harris' term, which ends in 2022.

3 hours ago - World

Putin foe Navalny to be detained for 30 days after returning to Moscow

Russian opposition leader Alexey Navalny. Photo: Oleg Nikishin/Epsilon/Getty Images

Russian opposition leader Alexey Navalny has been ordered to remain in pre-trial detention for 30 days, following his arrest upon returning to Russia on Sunday for the first time since a failed assassination attempt last year.

Why it matters: The detention of Navalny, an anti-corruption activist and the most prominent domestic critic of Russian President Vladimir Putin, has already set off a chorus of condemnations from leaders in Europe and the U.S.