Ruling on weed killer no guarantee for future fortunes
Question: I got freaked out by a jury’s decision this month that Monsanto’s Roundup weed killer, which I have used on my lawn and in my garden for years, can cause cancer. Is there some sort of classaction lawsuit planned? Also, how can I safely get rid of the two or three cans that I have in my garage?
Answer: Several law fifirms are already assembling massive class-action lawsuits against Monsanto, which has sold its popular Roundup weed killer for decades. A California jury awarded Dewayne Johnson $289 million earlier this month after deciding that the chemical was responsible for his cancer.
Many law fifirms are now soliciting clients for planned class-action suits. If you don’t see their ads on TV or in this newspaper, simply go to the internet and search “Monsanto Roundup” to fifind one.
Though the $289 million that the California jury awarded the afflfflicted man seems substantial, he will see just a fraction of that amount.
In an analysis for Forbes magazine, noted tax attorney Robert Wood estimated that Johnson’s legal fees and other court-related expenses would likely gobble up about half of the award.
Because the tax-reform plan that was approved last December bans deductions for many types of legal expenses, he’ll also owe federal taxes on nearly the entire amount: That means a cool $92.5 million for the Internal Revenue Service.
On top of that, Johnson will have to pay another 10 percent or so from the jury award in California state taxes.
In the end, accountant Wood estimates, Johnson won’t actually collect more than $20 million — about one-eighth of the original award.
Like you, I have used Monsanto’s Roundup weed killer for years. I don’t have cancer, but I won’t use it anymore.
Call your local law-enforcement agency or fifire department to ask how you can safely dispose of the unwanted cans.