USA: Johnson & Johnson proposes $8.9 billion settlement to resolve thousands of lawsuits over allegedly harmful talc powder products
"Johnson & Johnson proposes to pay nearly $9 billion to settle talc powder lawsuits", 5 Apr 2023
Johnson & Johnson has offered to pay up to $8.9 billion to settle lawsuits alleging the company's talc-based baby powder caused cancer, quadrupling its initial proposal to resolve the suits.
The company announced Tuesday that its subsidiary LTL Management has re-filed for Chapter 11 bankruptcy protection to seek approval of the plan that would result in one of the biggest product-liability settlements in the U.S.
The proposed $8.9 billion settlement would be payable over the next 25 years "to resolve all the current and future talc claims," Johnson & Johnson said. The company previously committed $2 billion to resolve the claims in connection with LTL Management's initial bankruptcy filing in 2021.
Johnson & Johnson said more than 60,000 parties that filed lawsuits back the deal.
The New Jersey-based company denies claims that its talcum powder products are unsafe and isn't admitting any wrongdoing as part of the proposed settlement.
Fighting the cases, however, would take decades and be costly, "with most claimants never receiving any compensation," said Erik Haas, worldwide vice president of litigation at Johnson & Johnson...
Johnson & Johnson faces tens of thousands of lawsuits claiming its talcum powder products caused ovarian cancer. Some lawsuits claim the powders contained asbestos and caused mesothelioma, a rare type of cancer that affects the lungs and other organs...
In 2021, Johnson & Johnson paid a $2 billion verdict in favor of women who claimed they developed ovarian cancer from its talc products...
Last year, Johnson & Johnson announced plans to stop selling baby powder containing talc worldwide as lawsuits mounted and demand for the company's iconic product declined...