• From the New York Times:
"Johnson & Johnson said on Tuesday that it had agreed to pay $8.9 billion to tens of thousands of people who claimed the company’s talcum powder products caused cancer, a proposal that lawyers for the plaintiffs called a 'significant victory' in a legal fight that has lasted more than a decade.
"The proposed settlement would be paid out over 25 years through a subsidiary, which filed for bankruptcy to enable the $8.9 billion trust, Johnson & Johnson said in a court filing. If a bankruptcy court approves it, the agreement will resolve all current and future claims involving Johnson & Johnson products that contain talc, such as baby powder, the company said.
"In a statement, a group of lawyers who represent nearly 70,000 plaintiffs, including families of people who died of ovarian cancer and mesothelioma, described the deal as a 'landmark' and a 'significant victory for the tens of thousands of women suffering from gynecological cancers caused by J.&J.’s talc-based products.'
"For the deal to become final, the court would first have to accept a new bankruptcy filing by the Johnson & Johnson subsidiary, LTL Management, and the settlement itself; the company also needs to persuade enough claimants to support the settlement plan."
