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Friday, March 1, 2024

Johnson & Johnson Sets Aside $400M To End US State Consumer Protection Claims – Johnson & Johnson (NYSE:JNJ)

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As a part of the $8.9 billion effort to settle claims related to talc products, Johnson & Johnson JNJ has earmarked $400 million to end claims alleging it violated state unfair business practices and consumer protection laws by misleading consumers about the safety of its talc products.

J&J subsidiary LTL Management filed a bankruptcy plan in New Jersey late on Monday that details how the company intends to pay different types of cancer victims in a bankruptcy settlement. 

LTL’s new filings also included more details on how the company would evaluate and pay cancer claims if the bankruptcy plan is approved.

The highest payments under the settlement would be $500,000 for people diagnosed with terminal mesothelioma before age 45, Reuters reported, and $260,000 for people diagnosed with terminal ovarian cancer before age 45.

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In April, A federal bankruptcy judge Michael Kaplan temporarily held around 38,000 lawsuits alleging Johnson & Johnson’s baby powder and other talc products caused cancer.

The freeze on jury trials would last through mid-June while LTL moves through bankruptcy.

A federal appeals court in Philadelphia rejected Johnson & Johnson’s use of Chapter 11 bankruptcy to offload several lawsuits.

Price Action: JNJ shares are up 0.13% at $159.55 premarket on the last check Wednesday.

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