Johnson & Johnson has agreed to pay $8.9 billion to settle tens of thousands of lawsuits alleging that talc in its iconic Baby Powder and other products caused cancer, the company said. The amount dwarfs J&J's original offer of $2 billion. The agreement follows a January appeals court ruling invalidating J&J's controversial 'Texas two-step' bankruptcy maneuver, in which it sought to offload the talc liability onto a subsidiary that immediately filed for Chapter 11. The J&J subsidiary, LTL Management, filed for bankruptcy protection late Tuesday for a second time with the intent to present a reorganization plan containing the proposed settlement to a judge as soon as May 14, the subsidiary said in a court filing.

https://business.inquirer.net/394754/jj-unit-files-for-second-bankruptcy-to-pursue-8-9-b-talc-settlement

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