Posted on 04/05/2023 12:36:15 PM PDT by T.B. Yoits
The Johnson & Johnson (J&J) conglomerate is more than quadrupling the amount it had previously set aside to cover its potential liabilities by allocating $8.9 billion to address allegations that their talcum baby powder caused cancer.
A J&J subsidiary will re-file for Chapter 11 bankruptcy protection and ask the court to approve a plan that would lead to one of the biggest product liability settlements in American history, according to a proposal made public on Tuesday.
The $8.9 billion that J&J would give to the LTL Management subsidiary would be paid over the following 25 years. The sum is higher than the $2 billion reserve created by the New Jersey-based corporation in October 2021.
According to the company, the new sum is supported by more than 60,000 parties who have filed claims alleging harm from J&J talcum-based baby powder.
In a Tuesday statement that maintained that the charges “are specious and lack scientific merit,” a company executive also stressed the fact that J&J will not be admitting any wrongdoing as part of the proposed settlement.
However, according to Erik Haas, global vice president of litigation at J&J, defending against the lawsuits in court would be very expensive and probably take ten years or more.
“Resolving this matter through the proposed reorganization plan is both more equitable and more efficient, allows claimants to be compensated in a timely manner and enables the Company to remain focused on our commitment to profoundly and positively impact health for humanity,” Haas said.
In the claims brought against J&J, it was said that using talcum powder for feminine hygiene led to the development of both ovarian cancer and mesothelioma, a cancer that affects the lungs and other organs.
(Excerpt) Read more at oann.com ...
Johnson & Johnson & Cancer
my family has used that for generations no cancer deaths i still do
Bah.
Sounds like more pig lawyers and OJ juries - as with Roundup/glyphosate.
great for my sweaty balls
Talcum powder causing cancer and deaths. It is just a rape of a corporation by lawyers. 60K people, will get 140K to split with the lawyers. They will be lucky to get 45K. The lawyers though, they SCORE and SCORE big.
Sloppy reporting by OAN in the headline.
This is the OFFER, not the final settlement
I still don’t believe it caused cancer in all these people. It was a band wagon.
Johnson & Johnson's own documents made the case against them.
Johnson & Johnson KNEW since the late 1950s that the talc used in its iconic baby powder was sometimes contaminated with asbestos, known to cause ovarian cancer and mesothelioma. For decades, J&J kept this contamination a secret from the public and regulators.
https://www.bcpp.org/resource/johnson-and-johnsons-toxic-talc-a-timeline-toward-victory/
“using talcum powder for feminine hygiene led to the development of both ovarian cancer and mesothelioma...”
Umm, it’s meant for external use. Do I really want to know how these ladies were getting it anywhere near their ovaries?
It’s ‘talcum powder’, the product, not ‘talcum powder’ the material. The accusation is that Johnson & Johnson Talcum Baby Powder was contaminated with asbestos fibers. It appears that certain labs (engaged by the plaintiffs) sometimes find asbestos in the samples, and other certain labs (engaged by the defendants) don’t.
It’s been a long and fairly unrelenting slide from $180 for JNJ. Poss a decent time to buy the stock after it backs off a few bucks. [YMMV]
We need tort reform now.
Talcum
Round Up
Asbestos
Sweetener
Alar
Soo smart they’re stupid lawyers make up baseless claims and get gullible juries to go for it.
Ever heard of talc being applied around the genital and anal areas? Ever had a baby where talc was applied in or near such areas? You had too much talc on the brain?
“This is from the same company that created one of the “safe and effective” Jim Jones Jabs.”
The J&J jab I got was not mRNA.
I think it uses corn starch now.
Well at least the lawyers will be able to cash in. They’ll probably send out $8.90 of the $8.9 billion to a few people and pocket the rest.
me either
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