Feb 25 (Reuters) – A U.S. judge ruled on Friday that a Johnson & Johnson (JNJ.N) subsidiary can remain in bankruptcy, preventing plaintiffs from pursuing 38,000 lawsuits against the company alleging its baby powder and other talc products cause cancer. J&J’s stock rose more than 5%, its biggest one-day gain since the start of the pandemic in […]
(Bloomberg) — The controversial Johnson & Johnson bankruptcy strategy that’s drawn the ire of Congress faces a fresh trial this week, with the consumer products giant arguing that settling billions of dollars of talc liabilities in a single case is better for cancer victims than fighting thousands of individual claims. J&J begins a week-long court […]
WASHINGTON – U.S. Senate Majority Whip Dick Durbin (D-IL), Chair of the Senate Judiciary Committee, delivered remarks at the Subcommittee on Federal Courts, Oversight, Agency Action, and Federal Rights hearing on “Abusing Chapter 11: Corporate Efforts to Side-Step Accountability Through Bankruptcy.” During his remarks, Durbin called out Johnson & Johnson for using a corporate bankruptcy […]
J&J secretly launched ‘Project Plato’ last year to shift liability from about 38,000 pending Baby Powder talc lawsuits to a newly created subsidiary The subsidiary company, LTL, was then put into bankruptcy in October in order for J&J to limit its financial exposure to the lawsuits Company said it placed LTL into bankruptcy to settle those claims rather […]