US company Johnson & Johnson (J&J), the world’s largest manufacturer of medical products, has decided to spend $8.9 billion to resolve current and future claims regarding the use of talc in its products. This should from a company press release.
The company plans to settle disputes by reorganizing its subsidiary, LTL Management LLC, as part of its bankruptcy proceedings. Prior to that, the company was willing to pay $2 billion to settle the allegations.
If the new settlement agreement is approved, it will be the most expensive in the field of product quality claims settlement in bankruptcy cases. This was written by the Financial Times with reference to the lawyers involved in the case.
Previously reportedThat Johnson & Johnson will stop making talc-based baby powder in 2023. Talc-based baby powder, which has been discontinued in the US and Canada since 2020, has sparked tens of thousands of lawsuits by women suffering from ovarian cancer after using regular talcum powder. Johnson & Johnson insisted on product safety.