The new Johnson & Johnson offer received support from a lawyer representing 12,000 of the over 62,000 plaintiffs|Mike Mozart|CC BY 2.0
Johnson & Johnson (J&J) increased its financial offer by $1.1 billion, to $9 billion, to move closer to resolving lawsuits from over 62,000 plaintiffs claiming its baby powder and talc products caused cancer.
The new settlement, to be paid over 25 years, secured support from lawyer Allen Smith, who has long opposed J&J and represents 12,000 claimants.
A subsidiary is expected to file for bankruptcy by the end of the month to finalize the deal, but J&J itself will avoid a Chapter 11 filing. The company insists its talc products are safe, but it needs support from 75% of claimants to approve the settlement in court.
The financial settlement would resolve one of the largest mass tort cases, avoiding costly lawsuits and large jury-trial verdicts.