NEW YORK: US pharmaceutical giant Johnson & Johnson on Tuesday proposed an $8.9 billion settlement to resolve years-old lawsuits claiming that its talcum powder products caused cancer.
The New Jersey-based company said the proposed settlement, which needs the approval of a bankruptcy court, "will equitably and efficiently resolve all claims arising from cosmetic talc litigation."
The firm has never admitted wrongdoing but stopped selling the talc-based baby powder in the United States and Canada in May 2020.
"The company continues to believe that these claims are specious and lack scientific merit," Erik Haas, J&J's vice president of litigation, said in a statement.
J&J said the $8.9 billion would be paid to the tens of thousands of claimants over 25 years through a J&J subsidiary, LTL Management LLC, which was set up to address the claims and has filed for bankruptcy protection.
J&J had previously proposed a settlement of $2 billion in response to the claims that its cosmetic talc caused gynecological cancers.
J&J said the proposed settlement is not "an admission of wrongdoing, nor an indication that the company has changed its longstanding position that its talcum powder products are safe."