J&J proposes $9bn talc settlement, shares rise.

Johnson & Johnson has proposed paying $8.9 billion to settle thousands of claims that its baby powder and other talc products caused cancer. The proposed resolution has received support from more than 60,000 claimants and would require approval in bankruptcy court. J&J's stock rose more than 3% on Wednesday morning. The pharmaceutical giant's subsidiary, LTL Management, has also refiled for Chapter 11 bankruptcy protection to reduce J&J's losses from litigation and settlement. Some lawyers representing plaintiffs in the talc lawsuits called J&J's proposal a "significant victory" in a legal fight that has lasted more than a decade.