J&J: LTL Management placed under 'Chapter 11' protection
(CercleFinance.com) - Johnson & Johnson announced overnight that its recently formed subsidiary LTL Management, which is handling claims in a cosmetic talcum powder dispute, has filed for Chapter 11 bankruptcy protection in the US.
This proceeding is designed to resolve all claims related to cosmetic talc in a manner that is fair to all parties, including current and future claimants, Johnson & Johnson said.
As part of this, J&J has agreed to provide funding to LTL for payment of such amounts as the bankruptcy court shall determine, establishing a 2 billion dollar trust for this purpose.
LTL has also been allocated royalties with a current value of over 350 million dollars to further contribute to potential costs.
Johnson & Johnson states that these actions are not an admission of liability, but rather a means to achieve a fair and efficient resolution of the claims raised in the litigation.
More than 40 years of studies by medical experts around the world continue to support the safety of cosmetic talc, J&J insists.
There seems to be little reaction, with the share currently up over 0.5% in pre-market trading on Friday.
Copyright (c) 2021 CercleFinance.com. All rights reserved.
This proceeding is designed to resolve all claims related to cosmetic talc in a manner that is fair to all parties, including current and future claimants, Johnson & Johnson said.
As part of this, J&J has agreed to provide funding to LTL for payment of such amounts as the bankruptcy court shall determine, establishing a 2 billion dollar trust for this purpose.
LTL has also been allocated royalties with a current value of over 350 million dollars to further contribute to potential costs.
Johnson & Johnson states that these actions are not an admission of liability, but rather a means to achieve a fair and efficient resolution of the claims raised in the litigation.
More than 40 years of studies by medical experts around the world continue to support the safety of cosmetic talc, J&J insists.
There seems to be little reaction, with the share currently up over 0.5% in pre-market trading on Friday.
Copyright (c) 2021 CercleFinance.com. All rights reserved.