Johnson & Johnson on Track with $6.5 Billion Talc Settlement

Johnson & Johnson has garnered over 75% claimant support for its proposed $6.5 billion settlement concerning lawsuits alleging cancer caused by its talc products. This approval marks a critical step in J&J's strategy to place a subsidiary in bankruptcy protection for the third time to resolve litigation.

Johnson & Johnson has surpassed a crucial threshold of support for its proposed $6.5 billion settlement to address lawsuits claiming its baby powder and other talc products caused cancer, as reported by Bloomberg.

More than 75% of claimants have voted in favor of the proposal, according to Bloomberg, meeting a requirement set by the company for a third attempt at placing a subsidiary in bankruptcy protection to resolve the litigation. J&J spokesperson Clare Boyle stated that the company could not comment as the vote tally is not yet final.

(With inputs from agencies.)