75% of talc claimants back Johnson & Johnson's $6.5bn settlement, supporting its third bankruptcy effort for subsidiary LTL Management.
Johnson & Johnson's (J&J) proposed $6.5bn talc settlement received backing from over 75% of claimants, surpassing the crucial threshold for J&J's third bankruptcy attempt. The company is attempting to place its subsidiary, LTL Management, in bankruptcy protection to resolve tens of thousands of lawsuits claiming its talc products caused cancer. J&J faces approximately 61,000 claims alleging its products were contaminated with asbestos and caused ovarian and other cancers. The healthcare giant's strategy faces legal hurdles, including potential multibillion-dollar verdicts and opposition from plaintiffs' attorneys.
August 12, 2024
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