J&J unit files for bankruptcy to advance US$10bil talc settlement
A Johnson & Johnson (J&J) subsidiary has filed for bankruptcy for a third time as the healthcare giant seeks to advance an approximately US$10bil proposed settlement that would end tens of thousands of lawsuits alleging that the company’s baby powder and other talc products caused cancer.
J&J faces lawsuits from more than 62,000 claimants who alleged that its baby powder and other talc products were contaminated with asbestos and caused ovarian and other cancers.
To stop those lawsuits, J&J subsidiary Red River Talc filed for bankruptcy protection in a federal bankruptcy court in Houston, last Friday.
