J&J Cosmetic Talc Lawsuits Halted, $2Bn Trust Created, As Subsidiary Takes Liabilities Into Bankruptcy
Johnson & Johnson’s newly created subsidiary LTL Management LLC will take all cosmetic talc injury claims against the Johnson’s Baby Powder manufacturer into bankruptcy proceedings. J&J says the move is designed to ensure “equitable” resolution for all parties, while plaintiff’s attorneys have a decidedly different view on the matter.
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J&J's current consumer health division head, Thibaut Mongon, will be at the helm of its planned spinout of the business while Paul Ruh will move to the company was CFO.
Activist investment group Tulipshare’s proposal that J&J fully cease sales of talc-based powders didn’t receive a majority of votes in favor during firm's annual meeting and won’t be forwarded for board’s consideration. Separate proposal for an audit into whether firm marketed products to minority women asbestos concerns was sent to the board.
Inflation's impact on consumer spending will be front and center in sector’s quarterly reports, beginning with J&J on 19 April. Potential impact also from price hikes common from most firms since early 2021 in response to increasing costs. Russia’s invasion of Ukraine also will prompt comment.