![]() In recent months, legal scholars, bipartisan members of Congress and consumer advocacy groups have raised alarms about the use of bankruptcy courts by wealthy and powerful entities seeking to block lawsuits. ![]() "Their conduct and now bankruptcy gimmick is as despicable as it is brazen." "There are countless Americans suffering from cancer, or mourning the death of a loved one, because of the toxic baby powder that Johnson & Johnson put on the market," the group said in a statement. The American Association for Justice, a coalition of trial lawyers, also blasted J&J's maneuver and called for legislation to block this kind of legal tactic. Elizabeth Warren, D-Mass., tweeted last week. "Another giant corporation is abusing our bankruptcy system to shield its assets and evade liability for the harm it has caused people across the country," Sen. We can’t keep letting this happen and I have a bill to stop it. ![]() Another giant corporation is abusing our bankruptcy system to shield its assets and evade liability for the harm it has caused people across the country. In a separate statement, LTL said J&J had agreed to provide the new firm with $2 billion, along with other funds, for future payouts linked to baby powder asbestos claims. "It's really the bankruptcy courts that will ultimately decide this. "There's an established process that allows companies facing abusive tort systems to resolve claims in an efficient and equitable manner," Wolk said. Johnson & Johnson says the bankruptcy move is legitimateĭuring a call with investors on Tuesday, J&J CFO Joseph Wolk defended the bankruptcy maneuver and again said its talc baby powder products, discontinued last year, were safe. The company remains one of the wealthiest corporations in the world, with more than $25 billion in cash reserves, and has not filed for bankruptcy. In 2018, separate investigations by Reuters and The New York Times revealed documents showing Johnson & Johnson fretted for decades that small amounts of asbestos lurked in its baby powder, without telling regulators. "Tens of thousands of women with ovarian cancer are suing, and the company wants to shield its assets." Katie Porter, D-Calif., tweeted on Tuesday. "J&J knew asbestos laced some bottles but kept it a secret for decades," Rep. The move sparked outrage from lawmakers and consumer advocates. Tens of thousands of women with ovarian cancer are suing, and the company wants to shield its assets.- Rep. Why? J&J knew asbestos laced some bottles but kept it a secret for decades. Johnson & Johnson filed in court last week to split its Baby Powder from the rest of the company.
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