Johnson & Johnson forms new company in an attempt to settle tens of thousands of legal claims their products caused cancer | WHAT REALLY HAPPENED X-Frame-Options: SAMEORIGIN

Johnson & Johnson forms new company in an attempt to settle tens of thousands of legal claims their products caused cancer

Pharmaceutical giant Johnson & Johnson put tens of thousands of legal claims alleging its baby powder and other products caused cancer into bankruptcy Thursday.

Johnson & Johnson executed the corporate reshuffling through a contentious legal maneuver known as a 'Texas two-step bankruptcy,' a strategy other companies facing asbestos litigation have used.

J&J put the claims into a separate entity called LTL Management LLC, which then filed for bankruptcy protection on Thursday in North Carolina, according to the company and court records.

Comments

SHARE THIS ARTICLE WITH YOUR SOCIAL MEDIA