Johnson & Johnson stock up 3% as company sets aside $8.9 billion to settle talc claims
Johnson & Johnson stock rose more than 3% in the extended session Tuesday after the company said it has proposed to pay up to $8.9 billion over 25 years to settle claims connected with cosmetic-talc litigation.
The company said it agreed to contribute the $8.9 billion to resolve “all the current and future talc claims” connected with its famous Johnson’s Baby Powder and other products containing talc. That’s an increase of $6.9 billion over the $2 billion previously committed in connection with LTL’s initial bankruptcy filing in October 2021, the company said.
A federal appeals court in January rejected the consumer products and drug maker’s move to place its talc liabilities into bankruptcy, saying that the subsidiary was not in financial distress.
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