New York: Pharmaceutical major Johnson & Johnson has proposed contributing USD 8.9 billion as a settlement to resolve lawsuits claiming that its talcum powder products caused cancer.<\/p>\n
Johnson & Johnson said its subsidiary LTL Management LLC (LTL) has re-filed for bankruptcy protection to obtain approval of a reorganization plan that it said will \u201cequitably and efficiently resolve all claims arising from cosmetic talc litigation\u201d against the company and its affiliates. In a statement, the company said it has agreed to contribute up to USD 8.9 billion, payable over 25 years, \u201cto resolve all the current and future talc claims\u201d.<\/p>\n
Earlier, it had proposed USD 6.9 billion over the USD 2 billion previously committed in connection with its subsidiary LTL\u2019s initial bankruptcy protection filing in October 2021.<\/p>\n
\u201cLTL also has secured commitments from over 60,000 current claimants to support a global resolution on these terms,\u201d the statement said on Tuesday (local time).<\/p>\n
It, however, clarified neither its original bankruptcy protection filing nor this re-filing is an \u201cadmission of wrongdoing, nor an indication that the Company has changed its longstanding position that its talcum powder products are safe\u201d.<\/p>\n
Johnson & Johnson and its other affiliates did not file for bankruptcy protection and will continue to operate their businesses as usual, it said.<\/p>\n
\u201cThe Company continues to believe that these claims are specious and lack scientific merit,\u201d said Erik Haas, Worldwide Vice President of Litigation, Johnson & Johnson.<\/p>\n
\u201cHowever, 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. Resolving this matter through the proposed reorganization plan is both more equitable and more efficient, allows claimants to be compensated in a timely manner, and enables the Company to remain focused on our commitment to profoundly and positively impact health for humanity,\u201d Haas added.<\/p>\n","protected":false},"excerpt":{"rendered":"
New York: Pharmaceutical major Johnson & Johnson has proposed contributing USD 8.9 billion as a settlement to resolve lawsuits claiming that its talcum powder products caused cancer. Johnson & Johnson said its subsidiary LTL Management LLC (LTL) has re-filed for bankruptcy protection to obtain approval of a reorganization plan that it said will \u201cequitably and […]<\/p>\n","protected":false},"author":1,"featured_media":10495,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":{"0":"post-10494","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business"},"_links":{"self":[{"href":"https:\/\/ncrfrontlinenews.com\/index.php?rest_route=\/wp\/v2\/posts\/10494","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ncrfrontlinenews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ncrfrontlinenews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ncrfrontlinenews.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ncrfrontlinenews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=10494"}],"version-history":[{"count":1,"href":"https:\/\/ncrfrontlinenews.com\/index.php?rest_route=\/wp\/v2\/posts\/10494\/revisions"}],"predecessor-version":[{"id":10496,"href":"https:\/\/ncrfrontlinenews.com\/index.php?rest_route=\/wp\/v2\/posts\/10494\/revisions\/10496"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ncrfrontlinenews.com\/index.php?rest_route=\/wp\/v2\/media\/10495"}],"wp:attachment":[{"href":"https:\/\/ncrfrontlinenews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10494"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ncrfrontlinenews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10494"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ncrfrontlinenews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10494"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}