US pharmaceutical giant Johnson & Johnson on Tuesday proposed an $8.9 billion settlement to resolve years-long lawsuits claiming that its talcum powder products caused cancer.
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The New Jersey-based company said the proposed settlement, which still needs court approval, “will equitably and efficiently resolve all claims arising from cosmetic talc litigation.”
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Under a proposal announced Tuesday, a J&J subsidiary will re-file for Chapter 11 bankruptcy protection and seek court approval for a plan that would result in one of the largest product-liability settlements in US history.
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The $8.9 billion that J&J would transfer to the subsidiary, LTL Management, would be payable over the next 25 years. The amount is up from the $2 billion that the New Brunswick, New Jersey, company set aside in October 2021.
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The revised amount is being backed by more than 60,000 parties that have filed lawsuits alleging harm from J&J talcum powder, according to the company.
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The lawsuits filed against J&J alleged its talcum powder caused users to develop ovarian cancer, through use for feminine hygiene, or mesothelioma, a cancer that strikes the lungs and other organs. The claims contributed to drop in J&J’s sales of baby powder, prompting the company to stop selling its talc-based products in 2020. Last year, J&J announced plans to cease sales of the product worldwide.
