Johnson & Johnson on Wednesday said it will pay $6.5 billion to settle nearly all of the thousands of lawsuits in the U.S. claiming its talc-based products caused ovarian cancer.
The deal would allow J&J to resolve the lawsuits through a third bankruptcy filing of a subsidiary company, LTL Management.
It will begin a three-month voting period for claimants, in hopes of reaching a consensus on a settlement of all current and future ovarian cancer claims. About 99% of the talc-related lawsuits filed against J&J and its subsidiaries stem from ovarian cancer.
J&J said the remaining pending lawsuits relate to a rare cancer called mesothelioma and will be addressed outside of the new settlement plan.
The pharmaceutical giant said it has already resolved 95% of mesothelioma lawsuits filed to date.