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 ...
That's a sort of disingenuous way of saying "DNA injection". Keep following the links you gave me and you'll eventually find out what's in that "viral vector".
Last I heard no one had proven the talc caused cancer. They convinced a jury it did…but that’s a much easier thing.
New York gets $44 million from Johnson & Johnson for baby powder
Looks like the makings of some nice little slush funds.
Hope to God someone follows the money.
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