#Socialites, get into this: Johnson & Johnson, one of the world’s largest pharmaceutical companies, has announced its plan to pay a whopping $6.5 billion to settle the majority of the talc ovarian cancer lawsuits.
As previously reported, the lawsuits against the big company claim that its talc-based products, including its widely popular and now-discontinued talc baby powder, have been linked to ovarian cancer. Johnson & Johnson has always maintained that its talc products are safe for consumers. However, nearly 99% of the talc-related lawsuits it’s been hit with are related to ovarian cancer…
The company explained Wednesday that this would happen over the course of 25 years to settle nearly all of the thousands of lawsuits in the US. Per the company, this would “resolve 99.75% of all pending talc lawsuits” related to ovarian cancer claims against J&J. Additionally, this would also settle current ovarian cancer claims in the future.
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What’s The Plan?
As this is the company’s third attempt to settle the lawsuits via a bankruptcy filing — in which claimants become creditors — of its subsidiary LTL Management — this one may possibly move forward.
Now, the deal is still dependent on the lawsuits’ petitioners’ approval. The company ultimately wants to resolve the suits through a third bankruptcy filing of a subsidiary company, LTL Management, according to CNN.
However, courts have not approved the company’s first two attempts to resolve the lawsuits in this way. Why? Well, petitioners did not have the opportunity to vote in LTL Management’s previous bankruptcy cases
In order to reach a resolution, Johnson & Johnson will initiate a three-month voting period for the claimants. Per the outlet, a 75% support threshold from the claimants is required to secure a bankruptcy settlement.
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