The lawsuits alleged Johnson & Johnson misled consumers about the safety and purity of some talcum powder products, including baby powder and body powder.
The company stopped distributing and selling baby powder and body powder containing talc shortly after the bipartisan coalition of attorneys general began investigating. They have recently stopped selling those products globally, Raoul's office said.
Illinois is expected to receive approximately $29 million from the settlement pending court approval.
In May, a subsidiary of Johnson & Johnson proposed paying approximately $6.48 billion over 25 years as a settlement to cover allegations that its baby powder containing talc caused ovarian cancer.
The lawsuits filed against J&J had alleged its talcum powder caused users to develop ovarian cancer, through use for feminine hygiene, or mesothelioma, a cancer that strikes the lungs and other organs.
The Associated Press contributed to this report.