Johnson & Johnson proposes $5.5 billion talc settlement to end marathon legal fight - AP News
Johnson & Johnson has proposed a $5.5 billion settlement to resolve remaining lawsuits alleging its talc products cause ovarian cancer. The company maintains its innocence but seeks to end the long-standing legal battle.
Why it matters
This settlement represents a major effort to resolve mass tort litigation that has impacted the company's reputation and financial outlook for over a decade.
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Johnson & Johnson has agreed to pay $5.5 billion to tie up remaining lawsuits that claim its talc products caused ovarian cancer.
The drugmaker, which has been fighting talc-related lawsuits for more than a decade, said that the settlement is conditioned on at least 95% of remaining claimants participating.
A U.S. bankruptcy court judge denied a $9 billion settlement proposed by company subsidiary Red River Talc last year that would have been one of the biggest mass tort settlements in history.
Johnson & Johnson decided not to appeal that ruling and instead fight on in court.
AP AUDIO: Johnson & Johnson proposes $5.5 billion talc settlement to end marathon legal fight Johnson & Johnson is proposing a multi-billion-dollar talc settlement to end a marathon legal fight. AP correspondent Mike Hempen reports.
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