JOHNSON & JOHNSON

(JNJ)
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Delayed Nyse  -  04:00 2022-08-12 pm EDT
165.30 USD   -1.10%
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DOJ Says J&J Talc Bankruptcy Violates Congressional Mass Tort Rules

07/01/2022 | 01:23pm EDT

By Jonathan Randles

The U.S. Justice Department told a federal appeals court that Johnson & Johnson's strategy for moving talc injury litigation to chapter 11 violates the regime Congress has authorized for litigating mass torts.

The U.S. Trustee Program, a Justice Department unit monitoring bankruptcy courts, said in a Thursday filing with the Third U.S. Circuit Court of Appeals that Johnson & Johnson's decision to put a newly formed subsidiary into chapter 11 to drive settlements of talc litigation circumvented federal multidistrict litigation procedures which have been prescribed by Congress as the way to deal with mass torts. Johnson & Johnson used an emerging restructuring transaction called a Texas divisive merger to send the talc liability to the subsidiary before it filed bankruptcy, a strategy that will be scrutinized by the appeals court.

The U.S. Trustee and talc injury claimants want the Third Circuit to reverse a bankruptcy judge who authorized the Johnson & Johnson talc subsidiary to stay in chapter 11.

Write to Jonathan Randles at jonathan.randles@wsj.com


(END) Dow Jones Newswires

07-01-22 1322ET

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Financials (USD)
Sales 2022 95 604 M - -
Net income 2022 21 415 M - -
Net cash 2022 10 065 M - -
P/E ratio 2022 20,2x
Yield 2022 2,65%
Capitalization 435 B 435 B -
EV / Sales 2022 4,44x
EV / Sales 2023 4,17x
Nbr of Employees 141 700
Free-Float 84,2%
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Joaquin Duato Chief Executive Officer & Director
Joseph J. Wolk Chief Financial Officer & Executive Vice President
Matthew Stuckley Senior Financial Analyst-Janssen Commercial Pharm
Alex Gorsky Executive Chairman
Peter Shen Global Head-Research & Development
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