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On Johnson & Johnson's earnings call earlier this month, management provided an update on the talc lawsuits. Chief Financial Officer Joseph Wolk says that claimants will be able to vote on the ...
NEW YORK (Reuters) -A Johnson & Johnson subsidiary can pursue its third attempt to resolve tens of thousands of lawsuits alleging its talc products caused cancer in a federal bankruptcy court in ...
That would cap its liability for all existing and future talc claims at the $8 billion it agreed to place in a settlement trust. J&J agreed to fund the proposed settlement trust over 25 years.
Johnson & Johnson was founded in 1886 by three brothers, Robert Wood Johnson, James Wood Johnson, and Edward Mead Johnson, selling ready-to-use sterile surgical dressings. In 2023, the company split-off its consumer healthcare business sector into a new publicly traded company, Kenvue .
The case began in July 2023, when Michael Perry, a longtime user of Johnson & Johnson’s Baby Powder, was diagnosed with mesothelioma. Perry, used the powder daily due to an allergy to deodorants. His legal team argued that Johnson & Johnson had been aware of the asbestos contamination in its talc products since the 1970s but failed to warn ...
JPMorgan Chase analysts in a separate note after J&J earnings last week said the talc settlement progress was "one of the most important drivers" of the company's stock in 2023.
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The company stopped selling talc-based baby powder in favor of cornstarch-based products, citing an increase in lawsuits and "misinformation" about the talc product's safety.