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...On Monday J&J shares fell about 4 per cent — or $17bn — of value on fears the talc litigation could continue for years....
...This represented a second attempt to resolve thousands of claims for the alleged carcinogenic properties of talc powder. The first case was dismissed earlier this year....
...LTL, the unit created by J&J to house the talc claims, would again file for bankruptcy in order to facilitate the settlement, the company said....
...Under this strategy J&J created a unit, LTL, to house all talc claims and put it into Chapter 11....
...The company has said its talc is asbestos free and had not caused cancers but argues that settling current and future claims in the bankruptcy system would be preferable to fighting talc claims in the courts...
...Johnson & Johnson, one of the world’s largest healthcare companies, is facing thousands of lawsuits from people alleging they got cancer from using one of their oldest products: talc-based baby powder....
...“It will require J&J to litigate talc claims on a state-by-state basis and leave talc as an ongoing overhang on shares.”...
...Lawyers for claimants who allege J&J’s talc caused their cancers welcomed the ruling....
...J&J created offshoot LTL to contain liabilities potentially costing billions for allegedly carcinogenic talc powder....
...Mentioned in this podcast: UK to design ‘digital pound’ that could fend off a future private tech rival Google reveals plans for chatbot ‘Bard’ as AI tech race heats up Talc ruling a blow to the ‘Texas...
...J&J has already ceased sales of talc-based powder in the US and Canada, and said recently it would phase out worldwide sales of its talc-based baby powder in 2023....
...In October J&J put into bankruptcy an affiliate with liabilities for thousands of lawsuits tying talc-based products to cancer. Recent demergers have been patchy....
...An upcoming ruling in an appeal by talc claimants against J&J’s use of bankruptcy would be another important moment, he adds....
...It stopped selling talc-based baby powder in North America last year....
...LTL then filed for Chapter 11 bankruptcy protection, which put a stay on talc claims....
...The J&J vehicle that has filed for bankruptcy has as much as $60bn in value that could be tapped for a deal with talc victims....
...J&J has denied its talc contains asbestos and can cause cancer....
...round-up French minister calls for restrictions on flights by private jet (FT) Adani launches hostile bid for Indian news channel NDTV (FT) J&J tries to extend its ‘Texas two-step’ to halt two states’ talc...
...J&J faces tens of thousands of legal cases from people who allege its cosmetic talc caused cancer....
...The world’s biggest health products company has faced tens of thousands of lawsuits from plaintiffs alleging that its cosmetic talc product causes cancer....
...Financial analysts appear less concerned about the talc liability’s impact on J&J’s bottom line....
...J&J has denied its talc contains asbestos and can cause cancer. This isn’t Jones Day’s first rodeo....
...The company has previously been ordered to pay $2.1bn to just 22 women who blamed their ovarian cancer on the talc. The Texas Two-Step is not hard to follow....
...The healthcare industry agreed in 1976 to ensure that all talc products do not contain detectable levels of asbestos....
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