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The US pharmaceutical giant has proposed a settlement to compensate some 60,000 consumers who, for years, have claimed its talcum powders caused cancer. J&J requested that a subsidiary of its to which it transferred all the responsibility of the case be accepted in the bankruptcy law.
With an offer that is four times its initial $2 billion offer, US drugmaker Johnson & Johnson is seeking to settle tens of thousands of lawsuits alleging that the powder from its iconic baby powder causes cancer.
The offer comes after an appeals court ruling in January invalidated J&J’s controversial bankruptcy move, which sought to dump product liability on a subsidiary that filed for Chapter 11 of the U.S. Law. US bankruptcies.
A Johnson & Johnson subsidiary filed for bankruptcy a second time, seeking to complete an $8.9 billion settlement of lawsuits alleging that its baby powder and other talc products cause cancer https://t.co/keDmyTfSbn
— Reuters (@Reuters) April 4, 2023
J&J subsidiary LTL Management filed for bankruptcy on Tuesday, April 4, 2023 for the second time with the intent to file a plan of reorganization that includes $8.9 billion in awards for current and future plaintiffs with various types of cancer. gynecologic and mesothelioma.
The initial ruling found that LTL Management, newly created when it first filed, did not have a legitimate bankruptcy claim because it was not in financial difficulty. This rejection caused J&J to raise the price to get rid of extensive litigation.
Why the famous baby powder leaves the market?
A December 2018 Reuters investigation revealed that J&J knew for decades about tests showing its talc sometimes contained carcinogenic asbestos, but withheld that information from regulators and the public.
Today J&J still claims that its baby powder and other products are safe, do not cause cancer, and do not contain asbestos. His lawyers allege that these claims lack scientific merit and accused his counterpart of obtaining large financial sums at the expense of these lawsuits.
The company, with more than $400 billion in market capitalization, announced in 2020 that it would stop selling baby powder in the United States and Canada due to what it called “misinformation” about the product and then announced its intention to discontinue it altogether. the world in 2023.
With Reuters and EFE
