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Johnson & Johnson has twice been unsuccessful in using a controversial bankruptcy tactic to contain lawsuits alleging its baby powder caused cancer. The third time, J&J said, will be different.
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.
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 ...
The first baby to appear on Johnson's Baby powder label was Mary Lea Johnson Richards, granddaughter of Robert Wood Johnson I (co-founder of Johnson & Johnson). [5] [6] According to Johnson & Johnson's representative Fred Tewell, baby powder-scented cleaning products became almost a standard not only to cosmetics, but to diapers as well. [7]
The company stopped selling talc-based baby powder in the United States and Canada in 2020 [11] and has said it will stop all talc sales worldwide by 2023, switching to a corn starch-based formula. However, Johnson & Johnson says that its talc-based baby powder does not contain asbestos and is safe to use. [12]
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.
William Mark Lanier (born October 20, 1960 [1]) is an American trial lawyer and founder and CEO of the Lanier Law Firm. He has led a number of high-profile product litigation suits resulting in billions of dollars in damages, including Johnson & Johnson baby powder and Merck & Co.'s Vioxx drug.
Johnson & Johnson on Wednesday said it plans to pay $6.5 billion over 25 years to settle nearly all of the thousands of lawsuits in the U.S. claiming its talc-based products caused ovarian cancer ...