Johnson & Johnson, Costco Settle Lawsuits Over Recalled Sunscreen Products: Reuters

Johnson & Johnson JNJ and Costco Wholesale Corporation COST have reached a tentative agreement to settle lawsuits over the presence of a cancer-causing substance in recalled JNJ sunscreen products, Reuters reported.
Lawyers for the companies and plaintiffs suing over the Neutrogena and Aveeno-branded aerosol sunscreen products disclosed the settlement in the Fort Lauderdale, Florida federal court without revealing its terms.
The Companies expect to submit the settlement for court approval by November 19. JNJ said that the settlement is not an admission of liability or wrongdoing.
JNJ voluntarily recalled four Neutrogena aerosol sunscreen products and one from Aveeno in July after finding small amounts of benzene.
The FDA said that it was investigating how benzene had ended up in the sunscreens following the recall.
Related Link: CVS Health Takes Two Suncare Products Off The Shelf After Neutrogena Sunscreen Recall.
Earlier this month, a federal judicial panel consolidated lawsuits filed nationwide against J&J and Costco, which sold the products, in the Florida court. The settlement would resolve all of the claims in the consolidated litigation, according to the filing.
Price Action: JNJ stock closed at $163.02, and COST shares closed at $491.87 on Monday.