Johnson & Johnson to pay $8.9 billion to settle lawsuits against it

Headquartered in the US, Johnson & Johnson, a manufacturer of cosmetics and hygienic products, will pay $8.9 billion over the next 25 years to settle lawsuits against claims that cosmetic talc products cause cancer.

Johnson & Johnson announced that its subsidiary, LTL Management LLC, has filed for bankruptcy protection for its restructuring plan that will fairly and efficiently resolve claims arising from cosmetic talc lawsuits against the Company and its North American affiliates.

In this context, it was stated in the statement that Johnson & Johnson agreed to contribute up to $8.9 billion over 25 years in order to resolve all current and future receivables, and LTL received commitments from more than 60 thousand current plaintiffs in this context.

The statement stressed that the filing does not mean that Johnson & Johnson's continued stance that talcum powder products are safe, emphasizing that the Company and its other subsidiaries have not filed for bankruptcy protection.

The company continues to believe that the claims that cosmetic talc products cause cancer are unfounded and unscientific, adding that Johnson & Johnson has won the majority of cosmetic talc-related jury cases to date.