J&J agrees to pay $8.9b over cancer claims
Johnson & Johnson said on Tuesday it had agreed to pay $8.9 billion to tens of thousands of people who claimed the company’s talcum powder products caused cancer.
The proposed settlement would be paid out over 25 years through a subsidiary, which filed for bankruptcy to enable the $8.9 billion trust, Johnson & Johnson said in a court filing.
If a bankruptcy court approves it, the agreement will resolve all current and future claims involving Johnson & Johnson products that contain talc, such as baby powder.
The first filing had set aside $2 billion for payouts to plaintiffs. With the new filing, Johnson & Johnson said it would set aside an additional $6.9 billion to cover the payouts.
J&J isn’t admitting any wrongdoing as part of the proposed settlement, a point company executives emphasized in a Tuesday statement that maintained the claims “are specious and lack scientific merit.”
The company is facing more than 40,000 lawsuits from former customers who say using its talc-based baby powder caused cancer, including some who allege the product contained cancer-causing asbestos.
It announced plans to end sales of its talc-based baby powder globally in 2023.