Lawsuits allege its talcum powder caused users to develop ovarian cancer.
Johnson & Johnson is earmarking nearly $9 billion to cover allegations that its baby power containing talc caused cancer, more than quadrupling the amount that the company had previously set aside to pay for its potential liability.
The $8.9 billion that Johnson & Johnson would transfer to the subsidiary, LTL Management, would be payable over the next 25 years. The amount is up from the $2 billion thatThe revised amount is being backed by more than 60,000 parties who have filed lawsuits alleging harm from J&J talcum powder, according to the company.
“Ovarian cancer and mesothelioma victims should and will be outraged if J&J attempts another dodge into bankruptcy,” said Andy Birchfield, who heads the mass torts section of the Beasley Allen law firm, based in Montgomery, Alabama, in a statement. “J&J is seeking an extremely deep discount on justice and is not really offering anything other than another bankruptcy and more delay tactics.
But fighting the lawsuits in court would take decades and be expensive, said Erik Haas, J&J’s worldwide vice president of litigation.” bankruptcy strategy, a legal maneuver employed by solvent companies facing personal injury lawsuits that want to avoid paying the full value of claims, legal experts say.
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