Johnson & Johnson Offers Nearly $9 Billion , to Settle Talcum Powder Lawsuits.
NPR reports that on April 4, Johnson & Johnson announced a proposal to settle allegations that its product caused cancer.
Under the proposal, LTL Management,
a J&J subsidiary, will re-file for
Chapter 11 bankruptcy protection.
It would also receive $8.9 billion from J&J to be paid out to claimants over the next 25 years. .
Erik Haas, J&J’s worldwide vice president
of litigation, issued a statement.
Resolving this matter through the proposed reorganization plan is both more equitable and more efficient, allows claimants to be compensated in a timely manner, , Erik Haas, J&J’s worldwide vice president of litigation, via statement.
... and enables the company to remain focused on our commitment to profoundly and positively impact health for humanity, Erik Haas, J&J’s worldwide vice president of litigation, via statement.
However, J&J still denies any wrongdoing. .
The company continues to believe that these claims are specious and lack scientific merit, Erik Haas, J&J’s worldwide vice president of litigation, via statement.
CNBC reports that Leigh O’Dell, an
attorney for the plaintiffs, said J&J is , "seeking an extremely deep discount on justice and
is not really offering anything other than another bankruptcy and more delay, delay, and delay.".
CNBC reports that Leigh O’Dell, an
attorney for the plaintiffs, said J&J is , "seeking an extremely deep discount on justice and
is not really offering anything other than another bankruptcy and more delay, delay, and delay.".
This new filing should be viewed as a shameful attempt to run out the clock on people dying of cancer and convince some lawyers to give up, Leigh O’Dell, an attorney for the plaintiffs, via statement.
Last year, J&J announced that it would stop selling its talc-based products worldwide.