US pharmaceutical giant Johnson & Johnson (J&J) proposed an $8.9 billion settlement to resolve years-old lawsuits claiming that its talcum powder products caused cancer.
The New Jersey-based company said the proposed settlement, which still needs the approval of a bankruptcy court, "will equitably and efficiently resolve all claims arising from cosmetic talc litigation."
If approved by the court and a majority of the plaintiffs, the $8.9 billion payout would be one of the largest product liability settlements ever in the United States, ranking alongside those entered into by tobacco companies and, more recently, opioid manufacturers.
J&J has been facing thousands of lawsuits over talcum powder containing traces of asbestos blamed for causing ovarian cancer.
The firm has never admitted wrongdoing but stopped selling its talc-based baby powder in the United States and Canada in May 2020.
"The company continues to believe that these claims are specious and lack scientific merit," Erik Haas, J&J's vice president of litigation, said in a statement.
J&J had previously proposed a settlement of $2 billion in response to the allegations that its cosmetic talc caused gynecological cancers.