Johnson & Johnson (J&J) said Monday that it has reached a settlement under which it would pay an estimated $5.5 billion to resolve tens of thousands of lawsuits alleging that its baby powder and other talc products caused ovarian cancer, a move that could bring an end to years of litigation over the issue.

The company said the proposed settlement would cover about 76,000 claims, including cases consolidated in federal court in New Jersey and related state court actions, and would resolve nearly all outstanding claims against J&J.

J&J has already settled most cases alleging that its talc products contained asbestos and caused mesothelioma.

Plaintiffs' law firms confirmed the deal on Monday, calling it a good resolution after a decade-long court battle. The agreement must be accepted by 95% of ovarian cancer claimants in state or federal court before it can become final.

J&J denied wrongdoing in announcing the settlement, saying plaintiffs had not been able to prove their claims that the talc products caused cancer and that the deal is intended to efficiently end the litigation.

"While we are confident the company would ultimately have prevailed with further litigation, as it has in the vast majority of cases tried to date, this resolution allows the company to put this matter behind it and remain focused on its mission to develop medicines and devices that save lives," said Erik Haas, worldwide vice president of litigation at Johnson & Johnson.

The company expects to pay out $3 billion in 2027 and make additional payments in 2028, though the amount could rise depending on how many claimants participate in the settlement.

Chris Seeger, an attorney representing about 2,500 clients with talc claims who helped negotiate the settlement, said J&J could ultimately pay $7 billion or more because the agreement does not cap the total payout and instead assigns specific values to qualifying ovarian cancer claims.

Seeger told Reuters in an interview that the plaintiffs "got a fair settlement, and our clients are going to be happy with it."

The settlement follows a series of courtroom wins for J&J, including victories in individual trials, efforts to disqualify plaintiffs' lawyers and rulings against expert witnesses used by plaintiffs. The company also won a significant court decision last week when a federal judge cast doubt on individual plaintiffs' ability to prove that talc specifically caused their ovarian cancer.

J&J has long denied that its talc products caused cancer, saying the products were safe and did not contain asbestos. The company stopped selling talc-based baby powder in the U.S. in 2020 and switched to a cornstarch-based product.

J&J also attempted to resolve the litigation through a legal strategy in which shell-company subsidiaries filed for bankruptcy, but that effort was unsuccessful.

The company has had a mixed record in talc trials, winning some cases outright and reducing verdicts on appeal, though it was also hit with a multibillion-dollar verdict in a case brought by 22 women.

The new settlement applies only to existing claims and does not cover future lawsuits. Seeger said excluding future claims made more money available to current plaintiffs and also accelerated the payments so that all claims will be paid within 18 months rather than being spread out over more than a decade.

Reuters contributed to this report.