🧵 1. Johnson & Johnson's second attempt to resolve talc cancer lawsuits through bankruptcy has been rejected by a federal judge. #business
🧵 1. Johnson & Johnson's second attempt to resolve talc cancer lawsuits through bankruptcy has been rejected by a federal judge. #business
🧵 2. The judge stated that the subsidiary, LTL Management, was not in immediate financial distress, leading to the dismissal of the bankruptcy.
🧵 3. This decision puts at risk J&J's proposed $8.9 billion settlement and prevents new lawsuits from being filed.
🧵 4. J&J plans to appeal the ruling, emphasizing that their talc products are safe based on research and clinical evidence.
🧵 5. Despite over 60,000 claimants supporting the bankruptcy plan, the company faces further uncertainty in resolving these cancer-related lawsuits.
🧵 Read more at: https://www.cnbc.com/2023/07/28/jj-effort-to-resolve-talc-cancer-lawsuits-fails-a-second-time-.html