Johnson & Johnson reached a new settlement with people who say the company's talc-based baby powder caused their ovarian cancer.
Share on linkedin Johnson & Johnson said Wednesday that it has reached a new settlement with people who allege the company's talc-based baby powderJ&J faces tens of thousands of lawsuits over accusations that its baby powder was cancerous.The company agreed to pay the present value of $6.5 billion over 25 years to settle the ovarian cancer cases.
The company said 99.75% of the pending talc lawsuits are part of the negotiated deal and that $6.5 billion "is a far better recovery than the claimants stand to recover at trial."J&J said the deal calls for a third bankruptcy filing of its subsidiary, LTL Management, to which the company transferred its talc liabilities in what critics say was an attempt to avoid paying much to victims.
The company tried filing LTL in bankruptcy twice before — and both times the case was rejected as courts ruled the parent company was financially capable of paying the claims without bankruptcy protection. This time around, the bankruptcy strategy might have a better shot since so many alleged victims signed onto the new deal.This deal is smaller than the previous one, which was for $8.9 billion but also included mesothelioma cases. This settlement does not include those cases, which J&J said it will address out of court.
The company said it has now set aside a total of $11 billion to resolve all the cancer claims, including a new charge of $2.7 billion in the first quarter of 2024.If 75% of claimants officially cast votes agreeing to accept the deal, the company would file LTL in a "prepackaged" bankruptcy.People suffering from cancer they believe was caused by J&J's baby powder may soon get compensation.
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