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.

Details: The $8.9 billion in payments to alleged victims would be paid over 25 years "to resolve all the current and future talc claims," J&J said in a statement.

• The company, which originally offered $2 billion, said it "has secured commitments from over 60,000 current claimants" to support the deal.
• J&J noted that it is not admitting wrongdoing — but fighting the cases "would take decades and impose significant costs" with "most claimants never receiving any compensation," said J&J's worldwide vice president of litigation, Erik Haas.

What they're saying: Law firms representing what they described as a majority of the victims released a statement saying their clients are supporting the proposed deal.

• "This settlement will provide expeditious, substantial and fair...

Read Full Story: https://news.google.com/rss/articles/CBMiQGh0dHBzOi8vd3d3LmF4aW9zLmNvbS8yMDIz...