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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....
...In 2019, it acquired Peak Resorts, the owner of 17 ski resorts including Hunter Mountain in New York and Mount Snow in Vermont, for roughly $264mn....
...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....
...Not long after the Vermont-based business sold out to Big Freezer in the form of conglomerate Unilever, Wavy was cut loose, along with the royalties that helped fund the clown’s Camp Winnarainbow for disadvantaged...
...One day in May last year, hundreds of people marching through the picturesque city of Burlington, Vermont, stopped to shout outside the Ben & Jerry’s Scoop Shop....
...The comments escalated a fight between Vermont-based Ben & Jerry’s and Unilever that is playing out in a US district court....
...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....
...During a court hearing in the case earlier this month, a lawyer for Vermont-based Ben & Jerry’s argued the ice cream maker’s social mission could be undermined if an injunction was not granted....
...It has sold everything from Hong Kong insurer AIA to a Vermont ski resort, and pivoted from planning life insurance acquisitions to carving out the whole life insurance business as it jumped between multiple...
...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...
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