Johnson & Johnson Boosts Talc Settlement by $1.1 Billion Amid Ongoing Negotiations

Increased Settlement Offer:
Johnson & Johnson has agreed to add $1.1 billion to its proposed talc settlement, raising the total settlement amount to over $9 billion to be paid out over 25 years.

Negotiations with Plaintiffs:
The increase comes after negotiations with plaintiffs' lawyers, including Allen Smith, who represents around 12,000 claimants and has agreed to recommend the settlement to his clients.

Bankruptcy Plan:
J&J plans to declare bankruptcy for one of its subsidiaries by the end of September to finalize the settlement, but the deal remains uncertain due to opposition from some lawyers for cancer victims.

Legal Background:
The settlement aims to resolve claims that J&J's talc products caused cancer, with the company facing over 62,000 talc lawsuits.

Support and Opposition:
While some plaintiffs' lawyers support the deal, others intend to challenge J&J's bankruptcy plan, making the settlement's approval uncertain.