06:17 AM EDT, 09/20/2024 (MT Newswires) -- Johnson & Johnson ( JNJ ) has increased its offer to settle claims over allegations is baby powder caused cancer to more than $8.2 billion, $1.7 billion more than its previous proposal, Bloomberg reported late Thursday, citing unnamed people familiar with the matter.

Under the proposed terms to settle the years-long class action, plaintiffs would get larger payments as well as their legal fees of about $650 million compensated, Bloomberg reported.

The company has already received the support of three-quarters of claimants for a settlement over claims that its baby powder caused gynecological cancer, Bloomberg said.

The additional settlement amount would bring to $13.4 billion the total Johnson & Johnson ( JNJ ) has paid over baby powder.

Johnson & Johnson ( JNJ ) did not immediately reply to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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