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- 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.
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