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...Johnson & Johnson had received scorn for executing the so-called Texas Two-Step bankruptcy strategy. The healthcare titan was facing thousands of claims about allegedly carcinogenic talcum powder....
...In both cases J&J attempted to use a controversial manoeuvre known as the “Texas two-step”, in which a subsidiary facing legal claims is spun out from the main company, and files for bankruptcy to facilitate...
...Join Nancy Pelosi, Jake Sullivan, actor Bradley Whitford and holistic health practitioner Eileen Moran at the FT Weekend Festival tomorrow in Washington DC....
...Clip from NBC For further reading: Johnson & Johnson’s ‘Texas-two-step’ sparks outcry over US bankruptcy regime Talc ruling a blow to J&J and the ‘Texas two-step’ bankruptcy jig Talcum powder cancer...
...It follows an appeals court ruling in January that shot down J&J’s attempt to implement a complex bankruptcy scheme called the “Texas-two step” to manage the talc claims....
...The company is eager to resolve the uncertainty regarding the talc claims before it spins off its consumer health division in coming months....
...J&J hired Jones Day, a Cleveland-based law firm and author of the “Texas two-step”....
...Critics of this “Texas Two-Step” gambit said it was an improper way for a company worth more than $400bn to shirk responsibility....
...Similar proposals are being put forward in states including Texas and Ohio. Bereaved parents such as Mitchell say they will not stop campaigning until tougher regulation is enforced....
...J&J had deployed a legal manoeuvre called the “Texas two-step” to divide the company into two separate businesses before placing one of them, which is facing more than 40,000 cancer claims, into bankruptcy...
...The company later agreed to pay a record $50.6mn fine over violations at the Texas refinery....
...Many parents, meanwhile, worry about TikTok’s impact on teenage mental health. Talks with a US watchdog over the app’s plans to ringfence US data on American servers have foundered....
...A typical case is Texas where, DD’s Mark Vandevelde reports, three PE-backed companies employ physicians that staff about one-quarter of the state’s 384 emergency rooms....
...Johnson & Johnson used the contentious “Texas two-step” bankruptcy strategy to halt 38,000 personal injury cases claiming its talc-based baby powder caused cancer....
...“We know that once you are infected with RSV you can no longer prime for that exacerbated response with a vaccine,” said Jason McLellan, professor of molecular biosciences at the University of Texas....
...Clip courtesy of NBC News For further reading: Johnson & Johnson’s ‘Texas-two-step’ sparks outcry over US bankruptcy regime Architects of ‘Texas two-step’ lambast J&J for its use of the manoeuvre ‘Texas...
...The “Texas two-step” scheme utilises business-friendly laws in Texas that allowed J&J to split itself into two separate entities and ringfence all its talc liabilities within the LTL subsidiary....
...right to an abortion has handed an instant challenge to business leaders, caught between their fear of reprisals for taking sides on a polarising topic and their employees’ dependence on company-issued health...
...to set “broad public health measures”....
...gun control at the federal level has become a near-impossible task, lawmakers in Congress are attempting to enact some modest changes in response to the mass shooting at an elementary school in Uvalde, Texas...
...They warned a failure to dismiss LTL’s bankruptcy could open the floodgates for other corporates to deploy the so called “Texas two-step” scheme....
...Using a complex process dubbed the “Texas two-step”, it created a new subsidiary under Texas law, then split the company into two and ringfenced all its talc liabilities in the new entity....
...Canada retail sales Further clues about the domestic economy and the health of the Canadian consumer should be on show in the latest retail sales data....
...It is the latest blow for Unilever, which has been under fire from investors over its languishing share price and a failed bid for GlaxoSmithKline’s consumer health division....
...The two contracts have gone to two small companies - Medea Inc in California and Atlantic Trading in Austin, Texas....
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