bbc_business

Johnson & Johnson offers up to $5.5bn to settle baby powder lawsuits

📰 source: bbc_business · 💼 business

johnson & johnson offered up to $5.5bn to settle tens of thousands of lawsuits claiming its baby powder caused ovarian cancer. the company denies the allegations but said the settlement would resolve about 69,000 cases, most of the remaining talc-related claims. the proposal includes up to $3bn next year and no additional payments before 2028. it must be accepted by firms representing 95% of ovarian cancer claims in state and federal courts. j&j's vice president of litigation erik haas called the allegations meritless but said the settlement allows the company to move on. in july, a federal court ruled in j&j's favor by questioning plaintiffs' ability to prove talc caused cancer. despite that, j&j chose to settle to end the long-running legal battle. j&j has changed its baby powder formula and transitioned to cornstarch-based in 2022. the lawsuits started as early as 2009. j&j's former consumer health business kenvue holds liability outside north america.

why it matters: j&j's proposed $5.5bn settlement could remove a major legal overhang but acknowledges the risk of talc claims despite denials.

source: bbc_business
sentiment: +0.20 · impact: 0.60

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Surprise fall in US jobs last month as slow summer continues

Homes are selling below asking in 38 of the 50 biggest U.S. cities—if you can afford one

China is gaining ground in AI. But the U.S. still has a major advantage

US strikes $1.2bn deal to pay German firm to halt offshore wind projects