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Johnson & Johnson Sets Aside $400M To End US State Consumer Protection Claims

As a part of the $8.9 billion effort to settle claims related to talc products, Johnson & Johnson (NYSE: JNJ) has earmarked $400 million to end claims alleging it violated state unfair business practices and consumer protection laws by misleading consumers about the safety of its talc products.

J&J subsidiary LTL Management filed a bankruptcy plan in New Jersey late on Monday that details how the company intends to pay different types of cancer victims in a bankruptcy settlement.

LTL's new filings also included more details on how the company would evaluate and pay cancer claims if the bankruptcy plan is approved.

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The highest payments under the settlement would be $500,000 for people diagnosed with terminal mesothelioma before age 45, Reuters reported, and $260,000 for people diagnosed with terminal ovarian cancer before age 45.

In April, A federal bankruptcy judge Michael Kaplan temporarily held around 38,000 lawsuits alleging Johnson & Johnson's baby powder and other talc products caused cancer.

The freeze on jury trials would last through mid-June while LTL moves through bankruptcy.

A federal appeals court in Philadelphia rejected Johnson & Johnson's use of Chapter 11 bankruptcy to offload several lawsuits.

Price Action: JNJ shares are up 0.13% at $159.55 premarket on the last check Wednesday.

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This article Johnson & Johnson Sets Aside $400M To End US State Consumer Protection Claims originally appeared on Benzinga.com

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