BASF agrees to settle talc class action lawsuit for $72 million

German chemical company BASF SE on Thursday agreed to settle for $72.5 million a class action fraud lawsuit over allegations its talc contained asbestos and caused lung injuries and cancer, court documents showed. Under the agreement, compensation from the settlement fund can be received by anyone who filed a lawsuit against the company between March 1984 and March 2011 over asbestos-related injuries but had their lawsuit dismissed or voluntarily dismissed it.

BASF does not admit any wrongdoing and maintains the allegations against it are unfounded and not true, according to Thursday's filing in New Jersey federal court in Trenton.