By admin 
(CNN) – Johnson & Johnson said it is offering $5.5 billion to settle tens of thousands of lawsuits.
Read more Chiefs assistant Eric Bieniemy’s son charged in shooting of his mother in Virginia, authorities say
The plaintiffs allege the company’s talcum powder-based products caused ovarian cancer.
Johnson & Johnson denies that claim and refutes accusations that its products contained asbestos.
The pharmaceutical giant now relies on cornstarch-based formulas for its baby powder.
Read more Bryan Kohberger reportedly files to take back his guilty plea in Idaho murders
The company, in a statement, said it hopes the settlement payouts will bring closure to what it calls “meritless” litigation over a decade and a half.
Johnson & Johnson’s settlement offer requires approval of 95% of the law firms representing claimants before payouts can happen.
Read more Mediators see progress in efforts to halt Iran war as drone attacks rattle region