The new settlement offer is a significant boost over the $2bn the firm had previously proposed.
Johnson & Johnson has proposed to pay almost $9bn to resolve tens of thousands of lawsuits it faces in North America that claim its baby powder and other talc-based products cause cancer.
The company is facing more than 40,000 lawsuits from former customers who say using its baby powder caused cancer, including some who allege the product contained cancer-causing asbestos. But its efforts ran into trouble after an earlier bankruptcy court ruling found the subsidiary was not in financial distress and could not use the bankruptcy system to resolve the lawsuits.
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