Bartis HK - J&J Stock Rises after $9 Billion Settlement

Johnson & Johnson (JNJ) stock rose on Wednesday after the pharmaceuticals and consumer goods company announced a multibillion-dollar settlement with thousands of claimants over allegations that its baby powder and other talc products caused cancer.
CENTRAL, Hong Kong - May 16, 2023 - PRLog -- The business said that it will pay $8.9 billion over a 25-year period to settle existing and future talc claims. It said that it has received pledges of assistance from more than 60,000 present claimants.

According to J&J attorney Erik Haas, the business "continues to feel that these claims are frivolous and lack scientific validity," but that settling them in this manner "is both more fair and more efficient," and enables claimants to be rewarded in a timely manner. The claims claimed that asbestos in talc products caused mesothelioma and ovarian cancer in users.

J&J also said that its LTL Management LLC (LTL) business has re-filed for Chapter 11 bankruptcy protection in order to get approval for a reorganization plan that would allow the settlement to proceed. J&J seeks to delegate responsibility for dealing with the claims to LTL, but a federal appeals court ruled in January that the so-called "Texas two-step" approach was illegal since LTL was not in financial trouble.

Prior to the announcement, lawyers for hundreds of plaintiffs said they would oppose any effort by J&J to settle the case in a bankruptcy court.

After the news of the settlement, Johnson & Johnson stock rose 3% on Wednesday morning. So far this year, they have lost 7% of their value.

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