Johnson & Johnson has reached a tentative settlement to resolve an investigation by more than 40 states into claims the company misled patients about the safety of its talc baby powder and other talc-based products, the company said in a statement to CNBC on Tuesday.

Notably, the settlement does not resolve the tens of thousands of consumer lawsuits, some of which are slated to go to trial this year, alleging that those talc-based products caused cancer.

Those cases have for decades caused financial and public relations trouble for J&J, which contends that its talc-based products and now-discontinued talc baby powder are safe for consumers.

J&J said in an October securities filing that 42 states and Washington, D.C., had launched a joint investigation into its marketing of talc-based products. The company will pay $700 million to settle the probe, its CFO Joseph Wolk told The Wall Street Journal on Tuesday.