Bottles of Johnson & Johnson baby powder line a drugstore shelf in New York October 15, 2015. REUTERS/Lucas JacksonNEW YORK, April 20 - A U.S. judge on Thursday halted most of the tens of thousands of lawsuits alleging Johnson & Johnson’s
J&J says it has broad support for a proposed $8.9 billion settlement, a contention disputed by lawyers representing thousands of talc claimants who oppose it. The judge halted roughly 38,000 talc lawsuits consolidated in a federal district court in New Jersey. With regard to other cases, he allowed them to proceed so long as no trials commence.Erik Haas, J&J’s worldwide vice president of litigation, in a statement called the ruling “a win for claimants” and expressed confidence they would ultimately approve the proposed settlement.
But no trials limits the pressure on J&J, she said. “We continue to believe that this bankruptcy effort is illegitimate … and that stance will be affirmed through the appellate process,” she said in a statement. They portray J&J’s actions as an abuse of the bankruptcy system by a multinational conglomerate valued at more than $400 billion and in little danger of running out of money to pay cancer victims.
J&J saw it was cheaper monetarily convince the person overseeing lawsuit, than paying out the people affected.
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: CNBC - 🏆 12. / 72 Read more »