J&J In Talks With Holdouts For $6.5 Billion Talc Settlement

Johnson & Johnson said that it is negotiating with plaintiffs' lawyers who have opposed the company’s proposed settlement of lawsuits alleging its baby powder and other talc products caused cancer.

J&J has announced plans to finalize a $6.48-billion global settlement through the bankruptcy of a subsidiary company after earlier efforts were twice rebuffed by federal courts.

Dietrich Knauth and Mike Spector reported to Reuters that the company is seeking to eliminate holdouts regarding the deal.

J&J has announced plans to finalize a $6.48-billion global settlement through the bankruptcy of a subsidiary company after earlier efforts were twice rebuffed by federal courts.

J&J says the majority of claimants support its settlement offer, but it has paused a vote count for a short time to gather additional votes from plaintiffs who have recently opposed the deal.

“We have agreed to a short extension of the certification timeline,” said Erik Haas, J&J’s worldwide vice president of litigation, in a statement.

“This will allow these plaintiffs’ attorneys time to speak to their claimants to now consider supporting the plan.”

Andy Birchfield, a lawyer who has led opposition to J&J’s proposed bankruptcy settlement, said he welcomed negotiations with claimants but is prepared to resist another Chapter 11 filing.