NVDA gained a massive 197% since our AI first added it in November - is it time to sell? 🤔Read more

Johnson & Johnson ordered to pay $260 million in talc trial - Reuters

Published 06/04/2024, 09:20 PM
© Reuters.
JNJ
-

According to a report from Reuters on Tuesday, Johnson & Johnson (NYSE:JNJ) must pay $260 million to an Oregon woman who said she developed mesothelioma, a cancer linked to asbestos exposure from inhaling the company's talc powder.

The verdict includes $60 million in compensatory damages and $200 million in punitive damages for Lee and her husband.

Reuters stated this decision arises as J&J seeks approval for a $6.48 billion settlement to resolve most talc-related lawsuits through a prepackaged bankruptcy.

Erik Haas, J&J's vice president of litigation, said the company plans to appeal, arguing the verdict contradicts decades of scientific evidence supporting the safety of their talc products.

The plaintiff in the case, reported to have been diagnosed with mesothelioma at 48, alleged exposure to asbestos-tainted talc for over 30 years, starting in childhood. A J&J lawyer suggested her illness might stem from asbestos exposure at a nearby factory.

J&J faces lawsuits from over 61,000 plaintiffs, mostly women with ovarian cancer. To finalize a bankruptcy settlement, J&J needs 75% of the remaining plaintiffs' support. Previous bankruptcy settlement attempts failed, but J&J remains hopeful.

Opponents filed a class action lawsuit on May 22, calling the settlement attempt a "fraudulent" misuse of the bankruptcy system. Reuters noted the mixed outcomes of past trials, including a $2.1 billion judgment in 2021 and recent varied verdicts.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.