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Johnson and Johnson to pay $6.5B to resolve talc ovarian cancer lawsuits in U.S.

The deal would allow J&J to resolve the lawsuits through a third bankruptcy filing of a subsidiary company, LTL Management.

J&J will begin a three-month voting period for claimants, in hopes of reaching a 75% support threshold needed for a bankruptcy settlement that would end the litigation entirely and prevent future lawsuits. "We firmly believe this plan is in the best interest of claimants and should receive a favorable and immediate confirmation from the bankruptcy court," said Erik Haas, J&J's worldwide vice president of litigation, during the call. J&J noted on Wednesday that it has reached "final and comprehensive" settlements to resolve an investigation by a coalition of more than 40 states into claims the company misled patients about the of its talc baby powder and other talc-based products.

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