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Johnson & Johnson connected Wednesday projected a scheme to salary astir $6.5 cardinal to resoluteness tens of thousands of lawsuits claiming that its cosmetic talc-based powder causes cancer.
Through a bankruptcy filing of its subsidiary company, LTL Management, J&J will beryllium capable to resoluteness astir 99.75% of nan pending talc lawsuits against nan institution and its affiliates successful nan U.S. Courts person rebuffed J&J's 2 erstwhile efforts to resoluteness nan lawsuits done nan bankruptcy of nan subsidiary created to sorb nan company's talc liability.
The $6.47 cardinal would beryllium paid retired complete 25 years, which J&J claims would beryllium a "far amended betterment than nan claimants guidelines to retrieve astatine trial."
JOHNSON & JOHNSON TO PAY $8.9B TO RESOLVE CLAIMS BABY POWDER, TALC PRODUCTS CAUSED CANCER
As of July 2023, nan institution was facing much than 34,000 lawsuits linking its babe powder to ovarian cancer, asbestos poisoning and different illnesses, FOX Business antecedently reported. Asbestos is simply a known origin of mesothelioma, a cancer that forms successful nan insubstantial that lines soul organs.
In this photograph illustration, a instrumentality of Johnson's babe powder made by Johnson and Johnson sits connected a array connected October 18, 2019 successful San Anselmo, California. (Justin Sullivan/Getty Images / Getty Images)
The institution has maintained that its babe powder and different talc products don't origin crab aliases incorporate asbestos,
"The institution reiterates that nary of nan talc-related claims against it person merit. The claims are premised connected nan allegations that person been rejected by independent experts, arsenic good arsenic governmental and regulatory bodies, for decades," J&J said Wednesday.
JOHNSON & JOHNSON WEIGHING BANKRUPTCY PLAN AS IT CONSIDERS OFFLOADING BABY POWDER LIABILITIES: REPORT
However, lead lawyers for plaintiffs Leigh O'Dell and Michelle Parfitt, told Reuters successful March that grounds showing nan company's products caused crab is "stronger than ever."
Bottles of Johnson & Johnson babe powder statement a drugstore support successful New York connected Oct. 15, 2015. (REUTERS/Lucas Jackson / Reuters Photos)
"The truth of J&J’s deceptive behaviour to hide nan beingness of carcinogens successful talcum powder and mislead nan aesculapian and technological communities has only go clearer complete time," nan lawyers said successful a statement.
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In 2019, nan Food and Drug Administration (FDA) alerted consumers that Johnson’s babe powder was nether a voluntary callback aft FDA testing recovered that a sample from 1 batch of nan merchandise contained chrysotile fibers, a type of asbestos.
| JNJ | JOHNSON & JOHNSON | 148.99 | +4.38 | +3.03% |
Nearly each nan suits nan institution is facing are related to ovarian cancer. The remaining pending individual wounded lawsuits subordinate to mesothelioma, according to J&J.
Those suits are being addressed separately, though nan institution said it has resolved 95% of them to date.
Reuters contributed to this report
