tldrdaily.news logo
Tag

Talc Lawsuits

All articles tagged with #talc lawsuits

business2 years ago

J&J Considers Third Bankruptcy Attempt to Resolve Baby Powder Lawsuits

Johnson & Johnson is considering a third attempt to use bankruptcy to settle tens of thousands of lawsuits alleging that its baby powder containing tainted talc caused cancer. The company's lawyer stated that they are working with law firms representing the majority of talc victims to reach a consensual resolution. However, previous attempts to use bankruptcy courts have been rejected, and many plaintiffs oppose the idea. J&J currently faces at least 51,000 lawsuits related to talc products, with claims that the company knew about the presence of asbestos but failed to inform consumers.

via Yahoo Finance|
#bankruptcy#business#cancer
Kenvue, J&J's Consumer Health Business, Goes Public in Blockbuster IPO Deal
business2 years ago

Kenvue, J&J's Consumer Health Business, Goes Public in Blockbuster IPO Deal

Johnson & Johnson's consumer health business, Kenvue, is set to go public this week in the largest U.S. IPO in over a year. Kenvue is expected to sell over 151 million shares at between $20 to $23 each, raising roughly $3.25 billion. J&J will control 91.9% of Kenvue after the IPO, and the company is expected to have a valuation of around $40 billion. Kenvue is profitable and expects modest growth over the next few years, with annual sales growth projected to be about 3% to 4% globally through 2025. The company will assume talc-related liabilities that arise outside of the U.S. and Canada, but J&J will continue battling talc claims in bankruptcy court.

via CNBC|
#business#consumer-health#ipo
Judge Halts Thousands of Talc-Cancer Lawsuits Against J&J
business2 years ago

Judge Halts Thousands of Talc-Cancer Lawsuits Against J&J

A US judge has temporarily halted most of the tens of thousands of lawsuits alleging Johnson & Johnson's baby powder and other talc products caused cancer and stopped any trials as part of a company subsidiary's second attempt to settle cases in bankruptcy proceedings. The decision, for the most part, granted a request from J&J to freeze cases while it attempts to reach a permanent settlement with current plaintiffs that would also set aside money for future lawsuits.

via Reuters|
#bankruptcy#business#cancer
Johnson & Johnson surpasses expectations with strong Q1 performance and raised outlook.
business2 years ago

Johnson & Johnson surpasses expectations with strong Q1 performance and raised outlook.

Johnson & Johnson's Q1 revenue rose 5.6%, driven by demand for its consumer-health business, pharmaceutical products, and contact lenses. The company raised its full-year sales and earnings outlook. However, Q1 earnings were impacted by a $6.9 billion charge related to resolving talc lawsuits. Johnson & Johnson is spinning off its consumer-health business into a separate company.

via The Wall Street Journal|
#business#consumer-health-business#johnson-and-johnson
J&J proposes $9bn talc settlement, shares rise.
business2 years ago

J&J proposes $9bn talc settlement, shares rise.

Johnson & Johnson has proposed paying $8.9 billion to settle thousands of claims that its baby powder and other talc products caused cancer. The proposed resolution has received support from more than 60,000 claimants and would require approval in bankruptcy court. J&J's stock rose more than 3% on Wednesday morning. The pharmaceutical giant's subsidiary, LTL Management, has also refiled for Chapter 11 bankruptcy protection to reduce J&J's losses from litigation and settlement. Some lawyers representing plaintiffs in the talc lawsuits called J&J's proposal a "significant victory" in a legal fight that has lasted more than a decade.

via CNBC|
#bankruptcy-court#business#cancer
J&J's Talc-Liability Bankruptcy Plans Thwarted by Court Ruling.
business2 years ago

J&J's Talc-Liability Bankruptcy Plans Thwarted by Court Ruling.

Johnson & Johnson is reportedly considering filing for bankruptcy for a second time for a subsidiary that is facing tens of thousands of talc lawsuits, despite a federal appeals court decision invalidating the legal maneuver. The company's lawyer has approached plaintiffs' lawyers to craft an agreement to resolve the litigation, which would then be consummated after the J&J subsidiary refiles the bankruptcy. Some plaintiffs' lawyers have signed confidentiality agreements to discuss the idea. The crux of the strategy is to persuade lawyers representing 75% of plaintiffs to settle ahead of time.

via Reuters|
#bankruptcy#business#johnson-and-johnson
J&J to Pursue Supreme Court Review for Talc Bankruptcy Case
business2 years ago

J&J to Pursue Supreme Court Review for Talc Bankruptcy Case

Johnson & Johnson will ask the U.S. Supreme Court to review the bankruptcy of its subsidiary, LTL Management, in an effort to resolve thousands of lawsuits over its talc products. The bankruptcy strategy was dismissed by the 3rd U.S. Circuit Court of Appeals in January, and the court unanimously rejected LTL's request to reconsider its decision on Wednesday. J&J will ask the 3rd Circuit to pause the ruling to allow the company time to appeal to the Supreme Court. The company faces more than 38,000 lawsuits alleging its talc products are contaminated with asbestos, which J&J denies.

via Reuters|
#bankruptcy#business#johnson-and-johnson