Johnson & Johnson Nears Approval for $6.5B Long Standing Talc Settlement
Portfolio Pulse from Vandana Singh
Johnson & Johnson (NYSE:JNJ) is nearing approval for a $6.48 billion settlement to resolve thousands of lawsuits alleging its baby powder products cause cancer. Over 75% of claimants have agreed to the settlement, surpassing the threshold required for judicial approval. A J&J subsidiary will file for bankruptcy protection to finalize the settlement. This marks a renewed attempt to conclude the long-standing talc litigation after previous bankruptcy filings were rejected.
August 15, 2024 | 3:03 pm
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Johnson & Johnson is nearing approval for a $6.48 billion settlement to resolve talc-related lawsuits. Over 75% of claimants have agreed, meeting the threshold for judicial approval. A subsidiary will file for bankruptcy protection to finalize the settlement.
The approval of the $6.48 billion settlement is a significant step towards resolving the long-standing talc litigation, which has been a major overhang on JNJ's stock. The news is likely to be viewed positively by investors as it removes a significant legal uncertainty.
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