Reported Earlier, Supreme Court Blocks Purdue Pharma's $7 Billion Bankruptcy Plan, Impacting J&J Cases
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The U.S. Supreme Court has blocked Purdue Pharma's $7 billion bankruptcy plan, which would have granted the Sackler family immunity from further liability. This decision has significant implications for Johnson & Johnson (NYSE:JNJ), which is seeking bankruptcy protection to resolve ovarian cancer claims related to its talc-based products.
June 28, 2024 | 7:05 am
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The Supreme Court's decision to block Purdue Pharma's bankruptcy plan has significant implications for Johnson & Johnson's efforts to seek bankruptcy protection for ovarian cancer claims related to its talc-based products.
The Supreme Court's decision sets a precedent that financially solvent entities cannot use bankruptcy to shield themselves from liability. This directly impacts J&J's strategy to resolve its talc-related claims through bankruptcy protection.
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