Johnson & Johnson company has agreed to pay a sum of $8.9 billion to settle lawsuits claiming that its talcum powder caused cancer .
The move will potentially end the years long legal fight. The United States based pharmaceutical company said that the proposed settlement which needs the approval of bankruptcy court will equitably and efficiently resolve all claims from cosmetic talc litigation.
However the company has never admitted wrongdoing , the company stopped selling its talc based baby powder in the United States and Canada in May 2020.
Erik Hass the J&J vice president of litigation said in a statement that however as the bankruptcy court recognized, resolving these cases in the tort system would take decades and impose significant costs on LTL and the system with most claimants never receiving any compensation.
The company said that its subsidiary LTL management has refiled for voluntary bankruptcy protection to obtain approval of reorganization plan that will equitably and efficiently resolve all claims arising from cosmetic talc litigation.
The company said that the amount is an increase of $6.9billion over the $2billion previously committed in connection with LTL’s initial bankruptcy filling in October 2021.
