Judge Blocks Cancer Victims' Attempt To Stop Johnson & Johnson Bankruptcy Plan
Portfolio Pulse from Vandana Singh
A federal judge has denied cancer victims' request to halt Johnson & Johnson's (NYSE:JNJ) proposed bankruptcy settlement addressing lawsuits over its talc products. The judge ruled the potential harm to victims was hypothetical and lacked jurisdiction. J&J aims to secure support for the $6.48 billion settlement plan by July 26.
July 01, 2024 | 2:25 pm
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A federal judge has denied cancer victims' request to halt Johnson & Johnson's proposed bankruptcy settlement addressing lawsuits over its talc products. The judge ruled the potential harm to victims was hypothetical and lacked jurisdiction. J&J aims to secure support for the $6.48 billion settlement plan by July 26.
The judge's ruling allows J&J to proceed with its bankruptcy settlement plan, which could provide a clearer path to resolving the lawsuits. This reduces legal uncertainty and is likely to be viewed positively by investors, leading to a short-term increase in stock price.
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