Attorney Mikal Watts Negotiates Proposed Settlement in Johnson & Johnson Talcum Powder Case (MDL 2738) National Settlement of $8.9 Billion

SAN ANTONIO, April 4, 2023 /PRNewswire/ -- Today, attorney Mikal Watts of Watts Guerra and TalcPowderJustice.com reached final negotiations on a proposed private settlement with Johnson & Johnson (J&J) that will resolve all talc claims against it. Between January of 2023 and now, Watts Guerra and Talc Powder Justice pushed J&J's financial liability to $8.9 billion due to its talc-based baby powder allegedly causing various gynecologic cancers and mesothelioma.

"This is the largest products liability settlement ever realized after a bankruptcy filing. Today, J&J committed $8.9 billion to fairly compensate these deserving women," said Watts. "Our job is to get our clients restitution for their injuries, and this settlement is the culmination of over a decade of fighting for justice."

The proposed settlement would resolve and satisfy the nationwide talc liability of J&J and the recently formed company, LTL Management LLC (LTL), by paying women with gynecologic cancers and mesothelioma a total of $12.08 billion over the next 25 years. The settlement, with a net present value of $8.9 billion, will be presented as part of a Bankruptcy Restructuring Plan to be submitted by LTL for approval of Chief United States Bankruptcy Judge Michael B. Kaplan of the District of New Jersey.

Under the proposed settlement, if confirmed by the Bankruptcy Court and approved by at least 75% of talc claimants, the settling defendants will fund $12.08 billion over 25 years into a Talc Trust to be created for the benefit of talc claimants. Existing eligible talc claimants who were diagnosed and hired a lawyer prior to April 1, 2023, alleging their use of J&J talc products caused gynecologic cancers or mesothelioma, will see their claims paid by the Talc Trust within one year of plan confirmation. Future talc claimants will be paid by the Trust via future payments to be made over the next 25 years.

Under Watts' leadership, law firms representing a large majority of all talc claimants across the country now support this proposed settlement. As such, J&J's Board of Directors met over the weekend and approved the proposed resolution, and at 4:30 EDT today, April 4, 2023, J&J filed a Form 8-K with the Securities & Exchange Commission, publicly announcing this plan to settle its talc liabilities.

ABOUT TALC POWDER JUSTICE

TalcPowderJustice.com is a coalescing force of plaintiffs, healthcare professionals, and attorneys, led by Mikal Watts of Watts Guerra, that have fought for restitution for women harmed by talc for over a decade.

Talc Powder Justice is a valuable resource for women with unfiled claims against J&J and current claimants, providing information on the Procedural History of the Case, Terms of the Proposed Settlement, Next Steps in Bankruptcy Court, and much more.

SOURCE Talc Powder Justice