Johnson & Johnson has agreed to pay $8.9 billion to resolve all cancer lawsuits tied to its talc-based powders.
Johnson & Johnson said it agreed to pay $8.9 billion to resolve all cancer lawsuits tied to its talc-based powders and will make a fresh attempt to contain the liability within a bankruptcy filing by one of its units.
Women and men blamed J&J’s 129-year-old baby powder for causing ovarian cancer and mesothelioma, a cancer specifically tied to asbestos exposure.For years, J&J has faced lawsuits accusing it of hiding cancer risks tied to its talc-based baby powder. Its cornstarch-based baby powder will stay on the market.
J&J argues the talc cases pose a financial threat to the company despite its more than $478-billion market capitalization. That’s because juries could repeatedly hit J&J with multibillion-dollar verdicts that threaten its financial health, its lawyers contend. The company also has suffered reputation harm tied to the talc findings.
In its January ruling, the appeals court said J&J wrongly put its newly created unit, LTL Management, under court protection to deal with the talc litigation and put trials on hold. The three-judge panel found since J&J agreed to set up a more than $61-billion backstop plan for its unit, the company wasn’t in “financial distress” and didn’t qualify for Chapter 11 protection.
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