fbpx
Consumer Law

Court Rejects J&J Bankruptcy Protection in the Face of Baby Powder Lawsuits

News that a federal appellate court ruled that Johnson & Johnson can’t use a corporate bankruptcy to protect itself from liabilities stemming from lawsuits over its baby powder products sent shares of the company down as much as 4% Monday, erasing about $17 billion in market value. 

Johnson & Johnson faces about 40,000 cancer lawsuits that allege tainted talc in the company’s baby powder formula caused cancer for its users. The company has already been forced to pay billions of dollars in damages, and one lawsuit was appealed all the way up to the US Supreme Court.

Johnson & Johnson continues to stand by its baby powder formula and has denied that it contains cancer-causing asbestos. 

Read the source article at markets.businessinsider.com

Leave a Review or Comment

Back to top button