According to a Bloomberg News report, Johnson & Johnson has agreed to pay more than $ 100 million to settle more than 1,000 proceedings alleging that its talc-based baby powder caused cancer.
There are still nearly 20,000 proceedings pending over J & J’s iconic baby powder, but these agreements have settled most of the proceedings filed by the company by lawyers, in this case three different law firms. Is the first time.
Seven months have passed since the company last faced plaintiffs in front of a jury due to a coronavirus pandemic, but the break is nearing its end with a mesothelioma claim heard in California later this month. I am.
In certain circumstances, we choose to resolve the proceedings. This is done without liability and does not change our position regarding product safety … Our talc is safe, asbestos-free and does not cause cancer.
According to Bloomberg, J & J will cost as much as $ 10 billion to resolve all unresolved baby powder cases.
J & J revealed in Form 10-Q, filed with the SEC in the quarter ending June 28, 2020, that it is in dispute with over 81,000 valid claims across a variety of products.
Johnson & Johnson-Valid Product Liability Claims As of June 28, 2020
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Source: Johnson & Johnson Form 10-Q data dated July 24, 2020 for the period ending June 28, 2020. Graph by Equities News.
Source: Stock News