Pharmaceutical giant Johnson & Johnson announced on Thursday that it has agreed to pay $75 million to settle a lawsuit launched by the state of Mississippi over their baby powder product.The settlement comes as the state’s attorney general’s office was gearing up for a non-jury trial against Johnson & Johnson scheduled for next month. The lawsuit, in which the state was seeking $6 billion in damages, asserted that Johnson & Johnson failed to disclose the alleged cancer risk of its baby powder to consumers for over five decades.However, the company countered these claims, stating that federal regulators had not required a cancer warning label on the product packaging. Moreover, they continued to insist that their talc-based goods do not cause cancer.As of currently, Johnson & Johnson’s stock is being traded at a rate of $158.54 on the New York Stock Exchange, which represents an increase of 0.38 percent.The material has been provided by InstaForex Company – www.instaforex.com