Business
Johnson & Johnson Proposes $8.9 Billion To Settle Lawsuits Claiming Their Talcum Powder Caused Cancer
Johnson's baby powder, talc (Photo: Mike Mozart/Flickr)
Pharmaceutical giant Johnson & Johnson (J&J) has offered an $8.9 billion settlement to resolve cancer lawsuits related to its talcum powder products.
The United States (US) company proposed a settlement for the cosmetic talc litigation, subject to approval from a bankruptcy court, to resolve all claims "equitably and efficiently."
The $8.9 billion payout, if accepted by the court and most plaintiffs, would stand among the largest product liability settlements in the US, matching those of tobacco companies and opioid manufacturers.
J&J has been facing lawsuits for years over talcum powder with asbestos linked to ovarian cancer.
Talc-based baby powder sales ended in the US and Canada in May 2020, although no wrongdoing was admitted by the company.
"The company continues to believe that these claims are specious and lack scientific merit," Erik Haas, J&J's vice president of litigation, said in a statement.
J&J established LTL Management LLC to handle and address the claims of tens of thousands of individuals, who will receive the $8.9 billion settlement over the course of 25 years. The subsidiary filed for bankruptcy protection.
LTL claims to have obtained agreements from 60,000 claimants for a global settlement based on these terms.
The company says its proposed settlement does not imply wrongdoing or a change in its stance that their talcum powder products are safe.
A quick resolution nevertheless is in the company and stakeholders' best interests, J&J said.
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