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A legal claim involving 3,000 people has been reportedly filed against Johnson & Johnson (NYSE:JNJ) in the U.K., alleging that the company knowingly sold asbestos-contaminated baby powder.
See the price action of JNJ here.
The lawsuit, filed by KP Law, is based on internal memos as well as scientific reports. It alleges that the powder was found to contain fibrous talc, along with tremolite and actinolite. In their fibrous forms, both minerals are considered asbestos and have been associated with potentially fatal cancers, according to a report by the BBC.
The claimants contend that although the company was aware of the risks as early as the 1960s, it failed to include any warnings on its product packaging, the report said. Instead, it ran aggressive marketing campaigns portraying the powder as a symbol of purity and safety, it added.
Lawyers for the claimants estimate that damages in the U.K. case could total hundreds of millions of pounds, potentially making it the largest product liability lawsuit in British history, according to the BBC report.
J&J did not immediately respond to Benzinga‘s request for comment.
Last week, a Los Angeles jury ordered the company to pay $966 million to the family of a woman who died from mesothelioma, finding the company liable in the lawsuit alleging its baby powder products cause cancer.
The company has previously said its products are safe, do not contain asbestos, and do not cause cancer. J&J stopped selling talc-based baby powder in the U.S. in 2020, switching to a cornstarch product.
In April, A U.S. bankruptcy court in Texas rejected the firm’s subsidiary Red River Talc’s request to approve its prepackaged bankruptcy plan, arguing that it was a bad-faith attempt from the company to shield itself from billions in personal injury claims.
Meanwhile, J&J reported better-than-expected Q3 earnings this week and announced plans to separate its Orthopedics business to enhance strategic focus. Its shares are up over 32% so far this year.
Johnson & Johnson holds a momentum rating of 64.40% and a growth rating of 42.03%, according to Benzinga's Proprietary Edge Rankings. Check the detailed report here.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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