Results for: Cancer Lawsuits

Johnson & Johnson is expected to confirm a $6.48 billion settlement to resolve thousands of lawsuits alleging that its baby powder products cause cancer. The settlement plan requires the approval of over 75% of claimants, which has reportedly been reached. This will involve a subsidiary of Johnson & Johnson filing for bankruptcy protection to finalize the agreement. This represents a renewed effort by the company to resolve long-standing talc litigation after previous attempts were rejected by courts.

Pharmaceutical giant Pfizer has settled thousands of lawsuits alleging it failed to disclose the potential cancer risks associated with its heartburn drug, Zantac. The agreement covers a significant portion of the approximately 70,000 lawsuits filed in Delaware. The company has previously settled similar cases brought by other manufacturers of Zantac, including GSK and Sanofi. Financial details of the settlement are not yet available. However, the development is expected to provide relief to investors who have seen Zantac-related concerns wipe out billions of dollars in market value for drugmakers in the past. The drug’s active ingredient, ranitidine, has been linked to the formation of NDMA, a probable carcinogen, leading to its recall in 2019 by the FDA.