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Johnson & Johnson has agreed to pay $8.9bn to settle tens of thousands of lawsuits alleging that talc in its iconic Baby Powder and other products caused cancer, the company said. The amount dwarfs J&J’s original offer of $2bn.
The agreement follows a January appeals court ruling invalidating J&J’s controversial “Texas two-step” bankruptcy maneuver, in which it sought to offload the talc liability on to a subsidiary that immediately filed for Chapter 11.
That J&J subsidiary, LTL Management, filed for bankruptcy protection late on Tuesday for a second time with the intent to present a reorganization plan containing the proposed settlement to a judge as soon as 14 May, the subsidiary said in a court filing.Reader Comments
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