From NBC Universal: 2024-05-01 16:23:11

Johnson & Johnson plans to pay $6.5 billion to settle talc-based ovarian cancer lawsuits in the U.S. The company recorded a $2.7 billion charge in Q1 for this purpose. The settlement is pending approval by claimants and would involve a subsidiary’s bankruptcy filing. J&J faces remaining mesothelioma lawsuits outside the settlement.

The deal aims to reach a 75% support threshold from claimants and end all litigation. J&J executives believe this plan is in the best interest of claimants. While some large verdicts have been awarded to claimants, J&J has resolved 95% of mesothelioma lawsuits. This settlement does not include cases related to mesothelioma.

In addition, J&J has finalized settlements with more than 40 states for misleading patients about the safety of talc products. A separate agreement has been reached with suppliers of its talc, including Imerys Talc America and Cyprus Mines Corporation. Shares of J&J closed 4% higher following the announcement.



Read more at NBC Universal: Johnson & Johnson to pay $6.5 billion to resolve nearly all talc ovarian cancer lawsuits in U.S.