Johnson & Johnson (J&J) has agreed to pay virtually $9bn (£7.2bn) to settle tens of hundreds of lawsuits alleging its talc triggered most cancers.
The new provide massively outstrips its previous providing of $2bn.
The firm faces about 40,000 lawsuits from individuals claiming its talc merchandise triggered most cancers as a result of contamination with asbestos, a identified carcinogen.
J&J has at all times denied the allegations, saying many years of scientific testing and regulatory approvals have proven its talc to be protected and asbestos-free.
It pulled its talc-based child powder from the US market in 2020, saying “misinformation” in regards to the product’s security had triggered demand to plummet.
Last yr it introduced it was stopping world gross sales of the product and would transfer to corn starch based mostly powders.
The new provide was tied to a chapter declare from the corporate’s subsidiary LTL.
J&J created the subsidiary to tackle accountability for the talc claims, however an try to file for chapter in January failed as a result of the court docket mentioned the corporate was not in monetary misery.
It refiled for chapter on Tuesday.
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The firm mentioned: “Importantly, neither LTL’s original filing nor this re-filing is an admission of wrongdoing, nor an indication that the company has changed its longstanding position that its talcum powder products are safe.”
Erik Haas, worldwide vp of litigation for J&J, added: “The company continues to believe that these claims are specious and lack scientific merit.”
But he mentioned “resolving these cases in the tort system would take decades and impose significant costs on LTL and the system, with most claimants never receiving any compensation”.
Mr Haas mentioned: “Resolving this matter through the proposed reorganisation plan is both more equitable and more efficient, allows claimants to be compensated in a timely manner, and enables the company to remain focused on our commitment to profoundly and positively impact health for humanity.”
Source: information.sky.com”