Big pharma agrees to delay bankruptcy plan for talc liabilities

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https://seekingalpha.com/news/37225...to-delay-bankruptcy-plan-for-talc-liabilities​

Johnson & Johnson agrees to delay bankruptcy plan for talc liabilities​

Jul. 30, 2021 1:29 PM ETJohnson & Johnson (JNJ)Johnson & Johnson (JNJ)By: Dulan Lokuwithana, SA News Editor3 Comments

 

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• Johnson & Johnson (JNJ+0.2%) pledged to delay taking any action on its plan to offload talc liabilities into bankruptcy.
• During a bankruptcy court hearing, the attorney Ted Tsekerides said that the company will maintain the “status quo” in a dispute where it faces thousands of lawsuits from users who claim they were harmed by the company’s baby powder.
• To settle the cases and as legal costs, J&J has set aside more than $4B. Some victims have asked the U.S. Bankruptcy Judge Laurie Silverstein to stop the company from putting talc liabilities into an entity that could then seek bankruptcy.
• Meanwhile, the Jurors in St. Clair County, Illinois cleared the company of responsibility for cancer death in 2016, which was blamed on the company’s talc-based powders, Bloomberg reported.
• The Illinois Jury had rejected a demand by the family of Elizabeth Driscoll for J&J to pay $50M as compensation for her death.
• Previously, it was reported that J&J had selected law firm Jones Day to proceed with its bankruptcy plan for talc liabilities.

 

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Some victims have asked the U.S. Bankruptcy Judge Laurie Silverstein to stop the company from putting talc liabilities into an entity that could then seek bankruptcy.

Angmoh the best

 

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https://www.reuters.com/business/he...by-powder-bankruptcy-plans-letter-2021-07-28/

July 30, 202112:56 AM +08Last Updated a day ago

Healthcare & Pharmaceuticals​

U.S. House panel seeks J&J documents on baby powder bankruptcy plans​

Jessica DinapoliDan Levine

 

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https://www.reuters.com/business/he...by-powder-bankruptcy-plans-letter-2021-07-28/

July 30, 202112:56 AM +08Last Updated a day ago

Healthcare & Pharmaceuticals​

U.S. House panel seeks J&J documents on baby powder bankruptcy plans​

Jessica DinapoliDan Levine

July 28 (Reuters) - A U.S. congressional panel has asked Johnson & Johnson (JNJ.N) to provide it all documents related to the company's plans to put its talc liabilities into bankruptcy, according to a letter sent on Wednesday and seen by Reuters.

Democrat Raja Krishnamoorthi, chairman of the U.S. House of Representatives Committee on Oversight and Reform's subcommittee on economic and consumer policy, wrote that the panel is trying to learn how J&J's plans may affect people who have said they were harmed by the company's baby powder.

Krishnamoorthi also asked J&J to turn over documents showing how much funding it would provide to the new entity. The level of funding could determine payouts for victims.

Reuters reported this month that J&J is exploring a plan to offload liabilities it faces from baby powder litigation into a new company, which would then file for bankruptcy.

 

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The healthcare company faces legal actions from tens of thousands of plaintiffs, including women suffering from ovarian cancer and others with mesothelioma, alleging that its baby powder and other talc products contained asbestos and caused cancer.

"Johnson & Johnson Consumer Inc has not decided on any particular course of action in this litigation other than to continue to defend the safety of talc and litigate these cases in the tort system, as the pending trials demonstrate," the company said in a statement.

The statement did not address the subcommittee's request for documents.

The House subcommittee held hearings on carcinogens in baby powder in 2019 and has heard from people suffering from mesothelioma and ovarian cancer.

 

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Separately, plaintiff attorneys filed a fresh legal challenge intended to prevent J&J from pursuing a bankruptcy for its baby powder liabilities.

They asked a Delaware judge overseeing a separate bankruptcy involving J&J's former talc supplier, Imerys Talc America, to prohibit the maneuver, arguing it would evade obligations J&J has to Imerys Talc America, according to court documents filed on Wednesday.

A J&J spokesperson did not respond to questions about the legal challenge.

(This story has been refiled to clarify corporate name in paragraph 10: Imerys Talc America instead of Imerys)

Reporting by Jessica DiNapoli in New York and Dan Levine in San Francisco; Editing by Matthew Lewis and Will Dunham

 

[syed putra]

I used johnson and johnson talc powder when young.

 

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I used johnson and johnson talc powder when young.

Me too but not much.