Johnson & Johnson says it's finally making 'progress' on disturbing cancer lawsuits

Johnson & Johnson (J&J) has been under fire for a decade for a myriad of cases alleging that its talc-based baby powder has caused cancer. But the company says it's moving forward in trying to fix this longstanding issue.

In a meeting at the New York Stock Exchange on Tuesday, J&J  (JNJ) - Get Free Report in-house lawyer Eric Haas told investors that the company has made "progress" in the last few weeks by "resolving" some of the cases it's facing, according to a report by Bloomberg.

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Bloomberg reported that there have been agreements reached on about 100 cases with three different law firms, though the finances of any of the deals were undisclosed. J&J is facing over 50,000 cases that claim it hid the cancer risk that comes with using its baby powder.

Joaquin Duato, J&J's chief executive officer, also told investors that the pharmaceutical company wants to "bring resolution" to the cases so it can focus more on advancing treatment for patients.

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The company has tried twice and been rejected by the New Jersey courts to use bankruptcy in order to build a trust to pay its victims through a $9 billion settlement.

J&J has continued to claim that its talc-based powder does not come with a cancer risk despite pulling its talc-based powders from the U.S. market in 2020. The company said it will pull talcum powder worldwide by the end of 2023.

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