01:20 PM EDT, 08/14/2024 (MT Newswires) -- Johnson & Johnson ( JNJ ) is set to announce wider support for a $6.48 billion settlement to resolve tens of thousands of lawsuits claiming its talc products, including Baby Powder, caused cancer, Reuters reported Wednesday, citing people familiar with the matter.

The company intends to disclose that more than 75% of claimants alleging that Johnson & Johnson's ( JNJ ) talc caused cancer have voted in favor of the settlement and an announcement can be made as soon as Friday, sources told Reuters.

The company is preparing a subsidiary to file for bankruptcy protection to execute the settlement deal, the report added.

The timing for announcing the claimant's settlement support and bankruptcy filing could change, a person reportedly said.

Johnson & Johnson ( JNJ ) declined to comment to MT Newswires until the vote was certified.

(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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