Johnson & Johnson to pay $8.9 billion to settle talcum powder cancer claims - Johnson & Johnson on Tuesday said it'll pay $8.9 billion over the coming 25 times to settle allegations that the company’s baby powder and other talcum products caused cancer.
The company blazoned the proposed agreement in a securities form. J&J’s attachment LTL Management also refiled for Chapter 11 ruin protection after its first attempt was baffled, the form said.
further than 60,000 heirs have committed to support the proposed resolution, which would bear blessing in ruin court, the form added.
“ Resolving this matter through the proposed reorganization plan is both further indifferent and more effective, allows heirs to be compensated in a timely manner, and enables the Company to remain focused on our commitment to profoundly and appreciatively impact health for humanity, ” said Erik Haas, J&J’s worldwide vice chairman of action, in a statement.
But J&J still pushed back on the talcum allegations.
“ The Company continues to believe that these claims are fallacious and warrant scientific merit, ” Haas added.
The company ended deals of its talcum- grounded baby powder encyclopedically this time after it faced thousands of suits from guests claiming its talcum products caused cancer due to impurity with the carcinogen asbestos.
J&J spun off LTL operation in October 2021 in a shot to reduce its losses from action and agreement. The company channeled its talcum suits to the attachment and incontinently filed for ruin protection.
A judge affirmed J&J’s capability to use the Chapter 11 strategy in February 2022.
But theU.S. Court of prayers for the 3rd Circuit capsized the ruling in January this time, saying neither LTL nor J&J had a licit need for ruin protection because they weren’t in “ fiscal torture. ”
Leigh O’Dell, one of the lead attorneys representing complainants in the talcum suits, told CNBC at the time that the ruling was another step toward ending J&J’s “ tried abuse of the ruin system. ”
O’Dell on Tuesday said in a statement to CNBC that J&J is “ seeking an extremely deep reduction on justice and isn’t really offering anything other than another ruin and further detention, detention, and detention.
“ This new form should be viewed as an opprobrious attempt to run out the timepiece on people dying of cancer and move some attorneys to give up, ” she said.
Mikal Watts, one of the complainant attorneys who negotiated the proposed agreement, said J&J committed to “ fairly compensate these meritorious women ” who have battled cancer due to the talcum products. “ Our job is to get our guests fairly paid for their injuries, and this agreement is the capstone of a job well done. ”
J&J said last month it would take the case to the Supreme Court.
The company paid $7.4 billion in action charges between 2020 and 2021, according to an periodic form. The company said talcum law action was a primary diver of legal costs during those times.
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People who were unaware of the talcum powder for years were unaware that it could cause cancer. If you have been diagnosed with ovarian cancer and think that talcum-based powder was the cause, you might be eligible to file a lawsuit and claim compensation.
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