- Yesterday, Johnson & Johnson (NYSE:JNJ) faced the trial related to the lawsuit accusing its baby powder and other talc products of causing cancer.
- This is the first trial in almost two years related to the suit, with the company seeking to settle thousands of similar cases in bankruptcy court, Reuters reported.
- Emory Hernandez, aged 24, claims to have developed deadly cancer, mesothelioma, due to exposure to JNJ’s talc products when he was a baby.
- JNJ has denied that its talc contains asbestos, which is related to mesothelioma, or causes cancer.
- JNJ lawyer, Allison Brown, asserted that the company has thoroughly examined and ensured the absence of contaminants in its talc.
- She argued that Hernandez’s mesothelioma form was rare and more likely related to a family history of heart disease and cancer.
- Last month, the company’s subsidiary LTL Management re-filed for bankruptcy to resolve all talc-based baby powder claims.
- Related: Yet Again: Johnson & Johnson Subsidiary Seeks Stay On Thousands Of Cancer Lawsuits Associated With Talc Products
- Amid the bankruptcy proceedings last month, the U.S. Judge halted around 38,000 lawsuits related to the same.
- However, the U.S. Chief Bankruptcy Judge, Michael Kaplan, allowed Hernandez’s trial due to his probable short life.
- The claimants seek to have the latest bankruptcy filing dismissed.
- J&J and LTL argued that the bankruptcy would deliver settlement payouts more fairly and equitably than a “lottery” offered by trial courts, where some litigants get significant awards and others nothing.
- Price Action: JNJ shares are trading lower by 0.75% at $153.90 on the last check on Thursday.
- Photo via Wikimedia Commons
Jefferies Downgrades Unity Software to Underperform, Announces $19 Price Target
Jefferies analyst Andrew Uerkwitz downgrades Unity Software (NYSE:U) from Hold to Underperform and announces $19 price target.
