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Johnson & Johnson offers up to $8.9 billion to settle allegations that its baby powder causes cancer.
The proposed agreement would be paid over the next 25 years “to resolve all the current and future talc claims,” Johnson & Johnson said.
Over 60,000 victims, mostly women, filed claims due to their development of ovarian cancer from the product. The company’s talcum-based baby powder seized production the U.S. in 2020, and are set to soon be permanently removed from shelves everyt
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According to the Food and Drug Administration, Talc is a naturally occurring mineral used in cosmetics and other personal care products, including baby powder and blush.
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The New Jersey-based company will return the iconic product back to markets after fixing the formula, saying they plan to replace talcum with cornstarch.
LTL Management, a Johnson & Johnson subsidiary filed for bankruptcy for a second time on Tuesday — this financial strategy is one the company said could “equitably and efficiently resolve all claims arising from cosmetic talc litigation” in the U.S., according to a regulatory filing.
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