Plus   Neg

Johnson & Johnson Sets Aside $3.9 Bln For Baby Powder Verdict, Settlements

Johnson & Johnson (JNJ) disclosed in a regulatory filing that it set aside a $3.9 billion to cover verdict against the company over its Baby Powder and other settlements.

The company reserved some of the money for a 2018 Missouri verdict for about 20 women who alleged that decades of daily use of Johnson & Johnson's asbestos-laden talcum powder products caused their ovarian cancer.

A Missouri appeals court in June 2020 reduced a damages award against Johnson & Johnson to about $2.12 billion from $4.69 billion.

The Missouri Supreme Court in November 2020 refused to consider J&J's arguments that the reduced verdict was flawed and excessive. The company is now asking the U.S. Supreme Court to throw the award out entirely.

In May 2020, Johnson & Johnson said it would stop selling its talc-based Johnson's Baby Powder in the United States and Canada, as demand fell amid mounting consumers lawsuits that claimed the talc products caused cancer.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Pfizer has uncovered the counterfeit versions of its Covid-19 vaccine in Mexico and Poland, according to a Wall Street Journal report. The vaccine was developed in partnership with Germany's BioNTech SE. Though there have been several reports of counterfeit versions of the Covid-19 vaccine, this seems to be the first confirmed instance. American Airlines is planning to resume hiring pilots this year to meet a rebound in travel demand in the summer season, reports said citing a company memo. The airline is expected to add 300 pilots by the end of the year and double that in 2022. Verizon Communications Inc. (VZ) reported a profit for the first-quarter that increased 25.4 percent from last year, reflecting growth in wireless service revenue, wireless equipment revenue and total Fios Internet net additions. Quarterly operating revenues rose 4.0 percent from the prior year.
Follow RTT