The giant has filed for bankruptcy over lawsuits that its talc and other talc-based products caused the cancer.
Don't store avocado like this: it's dangerousThe giant has filed for bankruptcy over tens of thousands of lawsuits that its talc and other talc-based products have caused cancer, offloading potential liabilities into a newly created branch. At the moment it is a fund of 2 billion
Johnson & Johnson announced it these days: a real one fondo which could effectively block any deal with the thousands of families who over the years have sued the company for billions of dollars in damages.
On paper, what Johnson & Johnson announces is the birth of LTL Management LLC (LTL), a separate subsidiary set up to detain and manage complaints in litigation relating to cosmetic talc. At the same time, he filed for voluntary bankruptcy protection compensation.
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This filing is for the purpose of resolving all claims relating to cosmetic talc in a fair manner for all parties, including any current and future applicants - the note reads. Johnson & Johnson and its other affiliates have not filed for bankruptcy protection and will continue to conduct business as usual.
The new "entity" filed for receivership in the last few hours in a North Carolina court and this is a strategy used by other companies dealing with asbestos litigation. On the basis, in fact, there are complaints of the infamous talc used mostly for children and other products containing talc by J&J, which would contain asbestos, a substance linked to the development of tumors.
Also read: Johnson & Johnson withdraws 33 packs of asbestos-contaminated baby powder
At the moment there are in the fund created by Johnson & Johnson two billions and according to the company they should be sufficient to meet the compensation.
We are taking these actions to bring certainty to all parties involved in cosmetic talc cases, J&J general counsel Michael Ullmann said in a statement.
But from the victims' lawyers came far from positive judgments:
Another example of the rich and powerful using receivership to protect profits and avoid liability. The country, Congress and over XNUMX victims of dangerous talc products say no to similar abuses of the system, say from the Beasley Allen Law Firm
Fonti: Johnson&Johnson / Reuters
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