Johnson & Johnson agrees to pay $8.9 billion to settle to resolve all the current and future talc claims
Benzinga
2023-04-05
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Johnson & Johnson shares are trading higher Wednesday after the company's subsidiary LTL Management re-filed for bankruptcy to resolve all talc-based baby powder claims.
Johnson & Johnson has re-filed for voluntary Chapter 11 and agreed to contribute up to $8.9 billion over 25 years to resolve all the current and future talc claims, which is an increase of $6.9 billion over the previously committed amount.
After facing thousands of lawsuits claiming JNJ's talc-based products cause cancer, the company spun off LTL Management and filed an initial bankruptcy in October 2021, agreeing to pay $2 billion to resolve claims. Johnson & Johnson has since stopped selling its talc-based baby powder.
Johnson & Johnson has re-filed for voluntary Chapter 11 and agreed to contribute up to $8.9 billion over 25 years to resolve all the current and future talc claims, which is an increase of $6.9 billion over the previously committed amount.
After facing thousands of lawsuits claiming JNJ's talc-based products cause cancer, the company spun off LTL Management and filed an initial bankruptcy in October 2021, agreeing to pay $2 billion to resolve claims. Johnson & Johnson has since stopped selling its talc-based baby powder.
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