MOSCOW, Apr 5 American pharmaceutical company Johnson & Johnson (J&J), amid lawsuits over cancer-causing baby powder, said it would set aside $8.9 billion to settle «all current and future» claims against the company's products, J&J's release reveals.
Against Johnson & Johnson has filed more than 38,000 lawsuits over allegations that the company produces cancer-causing baby powder from asbestos in talc. In late 2018, Reuters published its own investigation into traces of asbestos in baby powder. The agency said the company had been aware of the asbestos content of talc for decades, but kept the facts hidden from both authorities and the public. In 2020 Johnson & Johnson announced the end of production in the US and Canada of talc-based baby powder, which has become the cause of numerous lawsuits against the manufacturer.
In a message to Johnson & Johnson states that its subsidiary, LTL Management, has filed for bankruptcy with the US Court of Appeals «to obtain approval of a reorganization plan that will fairly and effectively resolve all claims arising from cosmetic talc litigation against the company (J&J)» .
In this regard, the press release notes, the company «agreed to commit» an amount of $8.9 billion, payable over 25 years, «to settle all current and future talc claims.» The Axios portal clarified that the money will be sent to victims of baby powder.
At the same time, the release emphasizes that the allocation of the said amount and the bankruptcy filing by LTL Management «does not constitute an admission of wrongdoing» by J&J. The company noted that its position regarding the safety of cosmetic talc remains unchanged.
In January, the US Court of Appeals rejected the application of Johnson & Johnson filed for bankruptcy as part of a settlement over asbestos in baby powder.
Johnson & Johnson (J&J) last year said it would phase out talc-based baby powder worldwide in 2023 and replace it with cornstarch-based baby powder.
J&J was founded in 1886. Among the most famous brands of the company are Johnson`s baby, o.b., Clean & Clear, Reach.