Women have filed thousands of lawsuits against J&J, claiming its talcum powder caused ovarian cancers. Billions are now at stake.
A bankruptcy move from Johnson & Johnson could stall any talcum powder settlements for the thousands of families that have sued the company for billions of dollars in damages in recent years.Officials with Johnson & Johnson said they have created a new subsidiary called LTL Management. Johnson & Johnson said it then moved $2 billion in baby powder lawsuit settlement money to LTL, then submitted LTL for bankruptcy.
The company has set aside almost $4 billion for settling future lawsuits tied to the product.In a statement Thursday, Johnson & Johnson said 'all cosmetic talc cases will be stayed pending the outcome of the proceedings,' meaning no lawsuit settlements will be paid until bankruptcy court officials determine who gets how much and when.
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