Avon Files for Chapter 11 Bankruptcy Amid Over 200 Talc-Related Lawsuits
Avon, once valued at $21 billion, has filed for Chapter 11 bankruptcy protection in the United States amid over 200 lawsuits linking its talc products to cancer diagnoses. The lawsuits allege that Avon's talc products were contaminated with asbestos, a known carcinogen, and caused cancer in consumers. Two jury trials resulted in Avon being ordered to pay over $70 million to plaintiffs who developed cancer after using Avon's talc products. Avon denies that its talc products cause cancer but has removed talc from products sold in the US since 2016.
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00:00It's Benzinga, and here's what's on the block.
00:02Avon, once valued at $21 billion, has filed for Chapter 11 bankruptcy protection in the
00:07United States amid over 200 lawsuits linking its talc products to cancer diagnosis.
00:13The lawsuits allege that Avon's talc products were contaminated with asbestos, a known carcinogen,
00:18and caused cancer in consumers.
00:20Two jury trials resulted in Avon being ordered to pay over $70 million to plaintiffs who
00:25developed cancer after using Avon's talc products.
00:28Avon denies that its talc products cause cancer, but has removed talc from products sold in
00:32the U.S. since 2016.
00:33For all things money, visit Benzinga.com.