Jobaaj Stories
Baby products giant Johnson & Johnson is looking to pause the lawsuits filed against it in the cancer-causing talcum case as the first attempt was judged 'improper'.
For the unaware, 38,000 cases have been filed against the baby products major as the victims have accused the company's products of causing cancer. The victims have alleged that using the company's powder and talcum has led to ovarian cancer and mesothelioma!
Moreover, the existence of asbestos in the powder has also resulted in cancer. Exposure to asbestos has been linked with lung, larynx and ovarian cancer.
The company has remained firm in its stance to continue the claim that talc and powder are harmless and do not cause cancer. However, the company has also stated that it will be paying a settlement fee of $8.9 billion to settle the lawsuits!
Moreover, the company's subsidiary, LTL Management, the accused party in the case has fraudulently filed for bankruptcy in order to close the ongoing cases and pay the settlement. The first attempt was rejected by authorities since the company was not in "financial distress".
The company is wishing to stop the lawsuits to negotiate a comprehensive settlement for all current and future talc claims. Although the chances of getting said approval appear low, the company is seeing support from the plaintiffs in favour of the settlement.
The stock of Johnson & Johnson closed at $161.01 per share, down 2.8%, yesterday.
- Aman Agarwal
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