The settlement comes after more than 40 states launched a joint investigation into J&J's marketing practices.

However, it is important to note that this settlement does not resolve the ongoing legal battle with tens of thousands of consumer lawsuits. These lawsuits allege that J&J's talc-based products led to the development of cancer in some individuals. Some of these cases are set to go to trial later this year.

J&J's Chief Financial Officer, Joseph Wolk, confirmed to the Wall Street Journal that the company will pay $700 million to settle the claims brought by the states. This amount is significantly higher than the roughly $400 million J&J had initially set aside last year to address U.S. state consumer protection claims.

Erik Haas, J&J's worldwide vice president of litigation, highlighted that this settlement is a step towards achieving a comprehensive resolution of the talc litigation. However, he did not disclose further details about the agreement.

The investigation into J&J's talc-based products has been a longstanding issue for the company. J&J has consistently maintained that its discontinued talc products are safe for consumers. Nonetheless, the negative impact on J&J's finances and public image has persisted over the years.

It is worth mentioning that J&J attempted twice in the past to resolve the consumer talc cases by transferring the liabilities to a subsidiary and declaring bankruptcy. However, both attempts were unsuccessful. In the most recent failed bankruptcy attempt, J&J proposed to pay $8.9 billion to talc claimants. The company is now reportedly considering a third bankruptcy attempt to move forward with this proposal.

Last year, J&J made the decision to cease the global sales of its talc-based baby powder. This move was likely influenced by the growing legal challenges surrounding the product.

As the settlement with the states moves forward, J&J will continue its efforts to resolve the remaining talc-related lawsuits. The outcome of these cases will have significant implications not only for the company but also for the individuals who have claimed harm from using J&J's talc products.