Johnson & Johnson (JNJ) was hit with a $29 million verdict in state court in California Wednesday in a suit filed by a woman who claimed her cancer was caused by asbestos-tainted baby powder, according to published reports.

Jurors in the case, which was heard in Oakland, Calif., found the company was responsible for the woman's mesothelioma, Reuters and Bloomberg reported.

The verdict is the latest defeat for Johnson & Johnson since a multi-billion dollar judgement in a similar case involving more than 20 women last year.

Johnson & Johnson faces thousands of additional cases related to its baby powder and has set aside several billion dollars in reserves as a contingency against legal losses.



Shares of Johnson & Johnson rose 0.2% to $139.41 in regular trading Wednesday. The stock was off $2.51, or 1.8% in after-hours action.

source: TheStreet.com