Will 3rd Time Be the Charm for Johnson & Johnson?

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Johnson & Johnson has a new plan to resolve tens of thousands of lawsuits alleging that asbestos in its talc-based products, including baby powder, cause ovarian cancer—and it has a lot in common with the company’s previous two plans. Johnson & Johnson has proposed a settlement of almost $6.5 billion over 25 years, which it says will resolve more than 99% of the lawsuits. Details:

Previous efforts. Reuters reports that courts rejected two previous efforts to resolve the lawsuits through the bankruptcy of a subsidiary set up for the purpose, LTL Management. The new plan. The new plan also involves a Chapter 11 filing for the subsidiary, but claimants will have three months to vote on it. If at least 75% are in favor, the deal can proceed, ending litigation. “The claimants get to vote, and that’s the major difference here,” Erik Haas, the company’s worldwide vice president of litigation, told investors Wednesday.

This article was originally published by a www.newser.com

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