The Massachusetts Attorney General and 42 other state attorney generals have come to a $700 million settlement with Johnson & Johnson over allegations of marketing the company's talc-containing baby powder and other powder products, according to a statement released on Tuesday.

Reuters reported in early May that Johnson & Johnson is advancing with a proposed settlement totaling $6.475 billion for a multitude of lawsuits alleging that its baby powder and other talc-based products contain asbestos, thus contributing to ovarian cancer.

The proposed agreement aims to resolve the lawsuits by means of a third-party bankruptcy filing by one of Johnson & Johnson's subsidiary companies. A three-month voting period will commence, seeking consensus for a settlement encompassing all existing and prospective claims related to ovarian cancer.

Notably, ovarian cancer claims represent 99% of the talc-related lawsuits against J&J, with approximately 54,000 lawsuits consolidated in a federal court in New Jersey.

J&J has already faced rejection from courts regarding settlement through bankruptcy proceedings of its subsidiary, LTL Management, designed to assume the company's talc liabilities.

Maintaining its claim that its products are asbestos-free and do not cause cancer, J&J asserted that the majority of attorneys representing plaintiffs in cancer-related lawsuits support the proposed settlement.

The statement detailed how "Massachusetts Attorney General Andrea Joy Campbell and 42 other attorneys general have reached a $700 million nationwide settlement, via a proposed consent judgment filed today in Suffolk Superior Court, with Johnson & Johnson to resolve allegations related to the marketing of Johnson & Johnson’s talc-containing baby powder and body powder products."

According to the announcement, Massachusetts will receive $14.5 million through 2027 as part of the multi-state consent judgment, pending approval from the judiciary. 

"The proposed consent judgment filed in this lawsuit addresses allegations that Johnson & Johnson deceptively promoted and misled consumers in advertisements related to the safety and purity of some of its talc powder products," the statement detailed.

Johnson & Johnson has also committed to discontinue producing and distributing talc-containing baby powder and body powder products in the US, according to the announcement.