From Investing.com: 2024-06-28 22:55:34

A group of cancer victims’ bid to block Johnson & Johnson’s $6.48 billion proposed bankruptcy settlement over talc products alleging cancer-causing asbestos was rejected by a federal judge in New Jersey. J&J seeks 75% claimant support by July 26 from over 61,000 plaintiffs with lawsuits alleging talc caused ovarian cancer or mesothelioma.

The judge denied the motion to prevent J&J from filing bankruptcy outside of New Jersey, stating any harm to victims is hypothetical. J&J argues their talc is safe, asbestos-free, and does not cause cancer. Plaintiffs’ lawyers opposing the plan claim it shields billions from compensation while J&J failed previous bankruptcy attempts.

J&J aims to resolve ovarian and gynecological cancer claims in bankruptcy, settling mesothelioma cases outside bankruptcy. The company faces backlash over alleged fraudulent tactics to put assets out of plaintiffs’ reach. Previous court rulings denied J&J’s bankruptcy efforts to resolve talc lawsuits, emphasizing financial distress as a key factor for legitimacy.



Read more at Investing.com: Cancer victims lose bid to block proposed J&J talc bankruptcy By Reuters