A Johnson & Johnson subsidiary filed for bankruptcy a second time, seeking to complete an $8.9 billion settlement of lawsuits alleging that its baby powder and other talc products cause cancer
subsidiary filed for bankruptcy a second time on Tuesday, seeking to complete a $8.9 billion settlement of lawsuits alleging that its baby powder and other talc products cause cancer.
J&J subsidiary LTL Management's first bankruptcy was dismissed earlier on Tuesday, after an appellate court ruled that the neither J&J not LTL were in the type of "financial distress" that made them eligible for bankruptcy. The new bankruptcy filing includes a proposal to pay $8.9 billion over 25 years to resolve all current and future talc claims, according to J&J. The settlement is supported by over 60,000 current claimants, J&J said in a statement.
J&J said that its settlement is not an admission of wrongdoing, nor an indication that the company has changed its longstanding position that its talcum powder products are safe.
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