Johnson & Johnson offers $6.5 billion to settle talc cancer lawsuits

Key Facts

Edited By Alain Sherter Updated on: May 2, 2024 / 8:32 AM EDT / CBS News Johnson & Johnson said Wednesday it has offered to pay $6.5 billion to settle allegations that its talc products caused cancer, a key step in the pharmaceutical giant potentially resolving decades of litigation over what was once one of the most widely used consumer products in the U.S.
"The Plan is the culmination of our consensual resolution strategy that we announced last October," Erik Haas, worldwide vice president of litigation for J&J, said in a statement Wednesday.
Johnson & Johnson made its settlement offer as part of a bankruptcy reorganization plan for a subsidiary, LLT Management, that J&J said would give ovarian claimants three months to vote for or against the plan.
"We believe any bankruptcy based on this solicitation and vote will be found fraudulent and filed in bad faith under the Bankruptcy Code," Andy Birchfield, head of the Mass Torts Section at the Beasley Allen Law Firm, said in a statement to CBS MoneyWatch.