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J&J Resolves Talc Lawsuits with 6.5 Billion dollars Settlement”

J&J Resolves Talc Lawsuits with 6.5 Billion dollars Settlement"

United States: Johnson & Johnson declared on Wednesday that it will resolve ongoing claims alleging that its talc-containing products caused ovarian cancer by paying out more than 6.5 billion dollars over the course of the next 25 years. Claimants still need to approve the settlement.

Claimant Approval Required

Customer claims that J&J talc-based goods, including baby powders, cause ovarian cancer have plagued the firm for years, forcing J&J to stop selling these items.

NBC News claims that J & J tried to use a subsidiary’s insolvency, LTL Management, to settle the complaints, but the court repeatedly rejected that plan. The company’s talc liabilities were assumed by LTL Management, which has filed for bankruptcy a third time in an attempt to settle the cases.

Bankruptcy Proceedings and Voting

Visual Representation. Credit | REUTERS

Nevertheless, claimants were not given the chance to cast a ballot in the previous bankruptcy proceedings. This time, J & J is giving claimants a three-month window to cast their votes. J&J executives stated in a teleconference with investors on Wednesday that if 75% of voters approve, it would indicate a bankruptcy settlement that would end the dispute completely and stop future claims.

According to NBC News, Erik Haas, global vice president of litigation for J&J, stated, “We firmly believe this plan is in the best interest of claimants and should receive a favourable and immediate confirmation from the bankruptcy court.”

Optimism from J&J

A few claims are being settled outside of the current settlement agreement, and the claimants allege that long-term usage of talc products caused a kind of lung cancer known as mesothelioma. J&J claimed to have already settled 95% of the mesothelioma cases, according to NBC News.

Mesothelioma Claims and State Investigations

Additionally, according to NBC News, J&J said that it had achieved “final and comprehensive” agreements that should put an end to a 40-state investigation into whether the corporation deceived patients about the safety of its talc-based products, including baby powder.

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