Report: Johnson & Johnson Paying Over $100 Million to Settle Baby Powder Lawsuits
Johnson & Johnson (NYSE: JNJ) appears to be reaching deep into its coffers to settle a clutch of lawsuits. According to an article published on Monday by Bloomberg and citing "people with knowledge of the pacts," the healthcare giant has agreed to pay over $100 million to settle more than 1,000 lawsuits over its Johnson's Baby Powder.
The lawsuits, some of which stretch back several years, allege that repeated use of the talc-based powder caused cancer. Some claimants say that the product is tainted with asbestos, a substance notorious for causing the illness.
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Source Fool.com
