US EditionJ&J vows to keep fighting talc cases after settlement deal denied
- U.S. Bankruptcy Judge Christopher Lopez in Houston rejected Johnson & Johnson's $10 billion proposal to end tens of thousands of lawsuits alleging its talc products cause ovarian cancer, marking the third time the company's bankruptcy strategy has failed in court.
- Johnson & Johnson sought bankruptcy protection for a subsidiary to address the lawsuits, arguing its proposal had majority support from cancer victims who voted on the deal.
- Judge Lopez criticized the votes J&J collected, stating there were serious flaws and that at least half of the 90,000 votes collected, where J&J claimed 83% plaintiff support, should not be counted.
- J&J, which began selling talc-based baby powder in 1894 and stopped in the U.S. In 2020, maintains its products are safe and do not contain asbestos, estimating that ovarian cancer patients would receive between $75,000 and $150,000 under the settlement.
- Opponents, including attorneys representing cancer victims, argued the company is not in financial distress and that the bankruptcy strategy was a 'bad-faith maneuver to avoid full accountability,' leading J&J to state they will return to the tort system to litigate the claims.
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J&J shares tumble as judge rejects $10bn talc settlement
Shares of Johnson & Johnson fell more than 5% on Tuesday after a US bankruptcy judge rejected its $10bn (R185.53bn) proposal to end tens of thousands of lawsuits alleging its baby powder and other talc products cause ovarian cancer.
·Johannesburg, South Africa
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Total News Sources52
Leaning Left3Leaning Right9Center15Last UpdatedBias Distribution56% Center
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R 33%
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