Johnson & Johnson Proposes $9 Billion To Settle Cancer Claims
US pharmaceutical giant Johnson & Johnson on Tuesday proposed an $8.9 billion settlement to resolve years-long lawsuits claiming that its talcum powder products caused cancer.
The New Jersey-based company said the proposed settlement, which still needs court approval, “will equitably and efficiently resolve all claims arising from cosmetic talc litigation.”
Under a proposal announced Tuesday, a J&J subsidiary will re-file for Chapter 11 bankruptcy protection and seek court approval for a plan that would result in one of the largest product-liability settlements in US history.
The $8.9 billion that J&J would transfer to the subsidiary, LTL Management, would be payable over the next 25 years. The amount is up from the $2 billion that the New Brunswick, New Jersey, company set aside in October 2021.
The revised amount is being backed by more than 60,000 parties that have filed lawsuits alleging harm from J&J talcum powder, according to the company.
The lawsuits filed against J&J alleged its talcum powder caused users to develop ovarian cancer, through use for feminine hygiene, or mesothelioma, a cancer that strikes the lungs and other organs. The claims contributed to drop in J&J’s sales of baby powder, prompting the company to stop selling its talc-based products in 2020. Last year, J&J announced plans to cease sales of the product worldwide.
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