ISTANBUL
Johnson & Johnson announced it has agreed to pay $8.9 billion in the next 25 years to settle claims that its baby powder and other talc products cause cancer.
“On April 4, 2023, the Company announced that its wholly owned subsidiary LTL Management LLC has re-filed for voluntary Chapter 11 bankruptcy protection to obtain approval of a reorganization plan that will efficiently resolve all current and future claims arising from cosmetic talc litigation against the Company and its affiliates in North America,” it said Tuesday in a Securities and Exchange Commission filing.
“Johnson & Johnson and its other affiliates did not file for bankruptcy protection and will continue to operate their businesses as usual,” it added.
The pharmaceutical and consumer goods firm, however, has refused to accept the claims.
“Importantly, neither LTL’s original filing nor this re-filing is an admission of wrongdoing, nor an indication that the Company has changed its longstanding position that its talcum powder products are safe,” it said separately.
The company announced in August an end to the sale of its talc-based baby powder around the world starting in 2023 while it was facing almost 40,000 lawsuits from consumers.
Johnson & Johnson in October 2021 had assigned the talc claims to its subsidiary LTL Management and later placed it into bankruptcy, while a US judge ruled in February 2022 that the company can use the bankruptcy system to resolve the multibillion-dollar allegations.
