J&J offers $8.9 billion to alleged talc baby powder cancer victims

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.