J&J offers $8.9 billion to alleged talc baby powder cancer victims
Public Health,Johnson & Johnson,Cancer,Health
Johnson & Johnson said Tuesday it's offering up to $8.9 billion to resolve lawsuits accusing the company of selling baby powder that caused cancer — an allegation that J&J has repeatedly denied.
Why it matters: J&J faces tens of thousands of lawsuits from people and their survivors related to the company's talc-based powder.
Driving the news: J&J disclosed the offer Tuesday in connection with its decision to re-file its subsidiary LTL Management in Chapter 11 bankruptcy.
The Third Circuit Court of Appeals in January dismissed the original Chapter 11 petition made by LTL, the subsidiary J&J created for the purpose of housing its talc liabilities and filing for bankruptcy.
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