Stephen Lanzo, 46, a New Jersey investment banker, sued Johnson & Johnson, claiming its talcum powder products he used for over 30 years gave him mesothelioma.

The suit brought by Lanzo and his wife Kendra claims the cosmetics giant and its supplier knew the powder could contain cancer-causing asbestos but failed to warn the public.

The jury agreed with Lanzo. Johnson & Johnson was liable for 70% of the damages, with the other 30% coming from the supplier. Lanzo was awarded $30 million, and his wife $7 million.

The ruling could leave the company open to further bombshell payouts.

Talcum powder is made from talc, a soft mineral found in deposits often located near asbestos deposits. Studies have shown that there is a risk of cross-contamination during mining.

On top of the $37 million already awarded the jury could award punitive damages next week, which are generally assessed as punishment for unethical or negligent actions.

Johnson & Johnson will be liable for 70 percent of the damages with the other 30 percent falling on Imerys Talc, a supplier of the mineral.

'While we are disappointed with this decision, the jury has further deliberations to conduct in this trial and we will reserve additional comment until the case is fully completed,' Carol Goodrich, a spokeswoman for Johnson & Johnson, told CNN.