Jury orders J&J to pay $4.7 billion in Missouri asbestos cancer case

Jury orders J&J to pay $4.7 billion in Missouri asbestos cancer case

(Reuters) – A Missouri jury on Thursday ordered Johnson & Johnson (JNJ.N) to pay a record $4.69 billion to 22 women who alleged the company’s talc-based products, including its baby powder, contain asbestos and caused them to develop ovarian cancer.

The verdict is the largest J&J has faced to date over allegations that its talc-based products cause cancer.

The company is battling some 9,000 talc cases. J&J denies both that its talc products cause cancer and that they ever contained asbestos. It says decades of studies show its talc to be safe and has successfully overturned previous talc verdicts on technical legal grounds.

Thursday’s massive verdict, handed down in the Circuit Court of the City of St. Louis, was comprised of $550 million in compensatory damages and $4.14 billion in punitive damages, according to an online broadcast of the trial by Courtroom View Network.

J&J in a statement called the trial “fundamentally unfair” and said it would appeal the decision.

J&J shares fell $1.31, or 1 percent, to $126.45 in after-hours trading following the punitive damages award. They had risen $1.52 during regular trading.

The jury’s decision followed more than five weeks of testimony by nearly a dozen experts on both sides.

The women and their families said decades-long use of Baby Powder and other cosmetic talc products caused their diseases. They allege the company knew its talc was contaminated with asbestos since at least the 1970s but failed to warn consumers about the risks.

“Johnson & Johnson is deeply disappointed in the verdict, which was the product of a fundamentally unfair process,” the company said in a statement. The company said it remained confident that its products do not contain asbestos or cause cancer.

JULY 12, 2018

https://www.reuters.com/

July 13, 2018 / Pharma News