J&J Offered $4 Billion to Settle Talc Claims Months Before Unit’s Bankruptcy
“Months before putting one of its units into bankruptcy, Johnson & Johnson offered $4 billion to settle with victims of its talc-based powder — twice the amount it’s now proposing to pay through a forced resolution, according to people familiar with the matter. The $4 billion offer was aimed at ending more than,” reports Mint in their blog.
“Seven years of litigation over claims its iconic baby powder caused different types of cancers. J&J faces nearly 40,000 suits targeting its talc-based products, and has agreed to about $3.5 billion in settlements so far, according to court filings. The world’s largest maker of health-care products wanted to split the $4 billion between trusts.”
