Sumary of J&J exploring putting talc liabilities into bankruptcy, sources say:
- By Reuters API Published Jul 19, 2021 Reading time 3 minutes Download Print Text size aA+ aA- By Reuters API Published Jul 19, 2021 Johnson &
- Johnson is exploring a plan to offload liabilities from widespread Baby Powder litigation into a newly created business that would then seek bankruptcy protection, according to seven people familiar with the matter.
- Reuters could not determine whether J&J has retained restructuring lawyers to help the company explore the bankruptcy plan.
- J&J faces legal actions from tens of thousands of plaintiffs alleging its Baby Powder and other talc products contained asbestos and caused cancer.
- Johnson Consumer Inc. has not decided on any particular course of action in this litigation other than to continue to defend the safety of talc and litigate these cases in the tort system, as the pending trials demonstrate,” the J&J subsidiary housing the company’s talc products said in a statement provided to Reuters.