Johnson & Johnson is set to pay $8.9 billion to settle allegations that its talcum products cause cancer. J&J continues to dismiss the claims, despite its proposed settlement.
The company ended sales of the powder as it faced thousands of lawsuits over the alleged health hazards.Follow your favorite stocksContainers of Johnson's baby powder made by Johnson and Johnson are displayed on a shelf on July 13, 2018 in San Francisco, California.on Tuesday said it will pay $8.9 billion over the next 25 years to settle allegations that the company's baby powder and other talc products caused cancer.in a securities filing.
"Resolving this matter through the proposed reorganization plan is both more equitable and more efficient, allows claimants to be compensated in a timely manner, and enables the Company to remain focused on our commitment to profoundly and positively impact health for humanity," said Erik Haas, J&J's worldwide vice president of litigation, in a statement."The Company continues to believe that these claims are specious and lack scientific merit," Haas added.
Leigh O'Dell, one of the lead attorneys representing plaintiffs in the talc lawsuits, told CNBC at the time that the ruling was another step toward ending J&J's "attempted abuse of the bankruptcy system."
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