It looks like you're using an Ad Blocker.
Please white-list or disable AboveTopSecret.com in your ad-blocking tool.
Some features of ATS will be disabled while you continue to use an ad-blocker.
In June, the U.S. Supreme Court declined to hear J&J's appeal of a Missouri court ruling that resulted in $2 billion of damages awarded to women alleging the company's talc caused their ovarian cancer.
Johnson & Johnson (JNJ.N) on Thursday put into bankruptcy tens of thousands of legal claims alleging its Baby Powder and other talc-based products caused cancer, offloading the potential liabilities into a newly created subsidiary.
J&J put the talc claims into an entity called LTL Management LLC, which filed for bankruptcy protection on Thursday in North Carolina, according to the company and court records.
A 2018 Reuters investigation found J&J knew for decades that asbestos, a known carcinogen, lurked in its Baby Powder and other cosmetic talc products. The company stopped selling Baby Powder in the United States and Canada in May 2020, in part due to what it called "misinformation" and "unfounded allegations" about the talc-based product.
originally posted by: xuenchen
And just think...baby powder with asbestos was on the market for over a hundred years before anybody said anything about asbestos..but science 😃☠️
originally posted by: ATruGod
People wonder why We want nothing to do with what they are offering ie the Covid Vaccine.
Now they know...no trust!
originally posted by: ADAMandEVIL
So what do they do to avoid losing any more of their super-duper honestly earned $400Billion market value?
Split the company in two, dump the liabilities into the new entity...
And then have that new subsidiary claim bankruptcy!