Johnson & Johnson Agrees to Pay $8.9 Billion to Settle Talc Lawsuits

Johnson & Johnson has announced it will pay $8.9 billion to settle tens of thousands of talcum powder lawsuits alleging the pharma giant’s talc products caused cancer. This announcement comes days after the U.S. Court of Appeals for the 3rd Circuit denied the company’s request to delay a bankruptcy decision for its subsidiary, LTL Management, and ordered a U.S. bankruptcy judge to dismiss the case.  Late Tuesday, LTL Management filed for bankruptcy protection for a second time to seek approval for a reorganization plan that will “equitably and efficiently” resolve litigation, Johnson & Johnson wrote in an April 4 statement. The proposal intends to resolve all current and future talc claims and is nearly five times its earlier proposed offer of $2 billion. Johnson & Johnson: Claims ‘Lack Scientific Merit’ Reuters reported Wednesday that under the terms of the new proposal, plaintiffs diagnosed with cancer before April 1, 2023, would be paid from a bankruptcy trust within one year of approval of the Chapter 11 plan. Plaintiffs diagnosed later will have access to money set aside in a trust for the next quarter century.  The company said it has support from 60,000 claimants for the resolution. Despite the new settlement amount, the company continues to deny any wrongdoing and maintains its products are safe. Asbestos-contaminated talc products sold by Johnson & Johnson and other manufacturers have led to mesothelioma and ...
Source: Asbestos and Mesothelioma News - Category: Environmental Health Authors: Tags: Asbestos Exposure Legal Source Type: news