Hints and tips:
...Greg Gordon For many years, I’ve been involved with companies with asbestos liability, and those liabilities are very difficult for companies to deal with because of the thousands of claims they would get...
...The Third US Circuit Court of Appeals on Monday said it had dismissed a bankruptcy filing from J&J’s subsidiary LTL management, preventing it from shifting thousands of legal claims out of trial courts and...
...For example, last year Georgia-Pacific paid $2.5bn in dividends to Koch Industries even though it spun off a unit facing thousands of asbestos claims in 2017....
...The bankruptcy filing has resulted in a stay on almost 40,000 legal claims alleging that the company’s baby talc was sometimes tainted with carcinogenic asbestos....
...“We continue to stand behind the safety of Johnson’s Baby Powder, which is safe, does not contain asbestos and does not cause cancer,” said J&J....
...Under this process, J&J used permissive state laws to create a new subsidiary LTL Management in Texas to manage almost 40,000 legal claims that its baby talc contained asbestos and caused cancer....
...Koch Industries’ Georgia-Pacific is using a similar manoeuvre to try to limit its liabilities against asbestos claims....
...It has backing from Jacob Rothschild’s RIT, Odey Asset Management and Talisman, the investment vehicle of William Pears....
International Edition