Johnson & Johnson pulls the trigger on Texas talc gambit

[corbe]

Johnson & Johnson pulls the trigger on Texas talc gambit

Felix Salmon, author of Capital

It's official: Johnson & Johnson has invoked a Texas legal loophole in an attempt to protect the bulk of its corporate assets from claims that its baby powder caused ovarian cancer and mesothelioma.

Why it matters: It's the biggest and boldest invocation yet of the so-called Texas two-step defense. But it's still not clear whether it's going to work.

How it works: J&J has now split into two companies, one of which — LTL Management LLC — holds all the baby-powder liabilities. LTL has filed for bankruptcy, which means that all existing cases and trials against the company are halted, pending a bankruptcy settlement.

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https://www.axios.com/johnson-johnson-texas-baby-powder-gambit-a2a39456-4a8b-46fe-ba1e-9d56c12d6022.html

[corbe]

   All those Billions they got from the Taxpayer for their Vaccine and they are going to screw the plaintiffs in the talc powder lawsuits.

[skeeter]

Well I'm developing a fairly healthy contempt for pharmaceutical companies.