Reported July 28th, "Federal Judge Rejects Johnson & Johnson's Second Talc Bankruptcy Filing" - Axios
Portfolio Pulse from Happy Mohamed
Johnson & Johnson's (JNJ) second attempt to put its talc liabilities into bankruptcy was dismissed by a federal judge. The company faces around 38,000 lawsuits claiming that its talc-based powder caused cancer. The judge ruled that J&J's subsidiary, LTL Management, isn't in financial distress and thus isn't eligible for legal protection from its creditors. J&J has vowed to appeal the ruling and continue to fight the claims in court.
July 31, 2023 | 4:21 pm
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Johnson & Johnson's second attempt to put its talc liabilities into bankruptcy was dismissed, potentially exposing the company to significant financial liabilities.
The dismissal of J&J's second bankruptcy filing related to its talc liabilities could expose the company to significant financial liabilities from the pending lawsuits. This could negatively impact the company's financial performance and stock price in the short term.
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