Johnson & Johnson proposes $9 billion settlement in talc case

As an investor of J&J I would like to see this approved and get the company past this.

Johnson & Johnson has proposed paying at least $8.9 billion to thousands of people who sued the company alleging that their use of J&J’s talc-containing powders caused cancer, in what would be one of the biggest product-liability settlements ever.

The company also said Tuesday its LTL Management LLC unit, which J&J had established to deal with the litigation, has refiled for bankruptcy protection to seek approval of the plan to make the payments over 25 years.

If a bankruptcy court and a large majority of plaintiffs approve the moves, J&J could resolve thousands of lawsuits that have shadowed the company for the last several years, damaging the company’s reputation and impeding recent efforts to hive off its unit selling baby powder and other consumer products.

Johnson & Johnson Proposes Paying $9 Billion to Settle Talc Lawsuits – WSJ