Attorneys for thousands of women diagnosed with ovarian cancer after decades of exposure to Johnson & Johnson’s talcum powder products are seeking a temporary restraining order and permanent injunction to prevent J&J, or any of its corporate affiliates, from transferring assets to a subsidiary and plunging it into bankruptcy. The company has not denied that it is scheming to shield its $500 billion in assets from …
Attorneys for thousands of women diagnosed with ovarian cancer after decades of exposure to Johnson & Johnson’s (NYSE:JNJ) talcum powder products are seeking a temporary restraining order and permanent injunction to prevent J&J, or any of its corporate affiliates, from transferring assets to a subsidiary and plunging it into bankruptcy.
The company has not denied that it is scheming to shield its $500 billion in assets from women cancer victims by moving its growing talc-cancer liabilities to a subsidiary before forcing that entity into bankruptcy. The total damages suffered by current talc-cancer victims is estimated at close to $17 billion . Historically, bankruptcy cases filed to resolve litigation, including those related to asbestos, often take years, and almost never fully repay creditors, including personal injury victims.
In a motion filed in state district court in Missouri , the women argue that such a move amounts to a fraudulent conveyance and that laws in Missouri and most other states prevent such transfers of liabilities by...
Read Full Story: https://investingnews.com/news/medical-device-investing/ovarian-cancer-victims-ask-court-to-block-johnson-johnsons-texas-two-step-bankruptcy-plan/
Your content is great. However, if any of the content contained herein violates any rights of yours, including those of copyright, please contact us immediately by e-mail at media[@]kissrpr.com.