Johnson & Johnson to pay $8.9 billion in lawsuits

Johnson & Johnson announced that its subsidiary, LTL Management LLC, has filed for bankruptcy for its restructuring plan that will fairly and efficiently resolve claims arising from cosmetic talk lawsuits against the Company and its North American affiliates.

In that context, it was indicated in the statement that Johnson & Johnson agreed to contribute up to $8.9 billion over 25 years to resolve all current and future accounts receivable, and LTL received commitments from more than 60,000 current claimants in this context.

The statement emphasized that the filing does not signify Johnson & Johnson’s continuing position that talcum powder products are safe, emphasizing that the Company and its other subsidiaries have not filed for bankruptcy.

The company continues to believe that claims that cosmetic talc products cause cancer are unfounded and unscientific, adding that Johnson & Johnson has won the most cosmetic talc-related jury cases to date. (AA)