• Reality Suit@lemmy.one
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    11 months ago

    Johnson and Johnson is evil. The company shall fail. The market has spoken. Accept the punishment for your crimes Johnson & Johnson.

  • TWeaK@lemm.ee
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    11 months ago

    I don’t really trust this website, they seem to be pushing you towards their paid services rather than providing useful news.

    In any case, my understanding is that this is pretty old news. Also, it’s not J&J filing for bankruptcy, but a spin-off subsiduary that they created after the fact and have given all the IP rights to. They’ve lost every step of the way so far because what they’re trying to do is so transparent, they’re trying to shirk liability when at the time it was all theirs and theirs alone.

    • fmstrat@lemmy.nowsci.com
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      11 months ago

      The bankruptcy is a plan in place with counsel representing claimants so they can free up cash reserves and pay them.

      Notably, our appeal recently was joined by counsel representing the vast majority of the talc claimants," he said.

      They don’t have enough cash on hand, so they bankrupt part of the company and sell.

      Everyone should read the article.

    • Avid Amoeba@lemmy.ca
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      11 months ago

      Isn’t that the point of limited liability corporations? To move profits into private pockets while keeping liabilities in the corporation?

      • girlfreddy@sh.itjust.works
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        11 months ago

        That’s not what they did tho. They did this instead … and lowers courts said no.

        J&J is among four major companies that have filed so-called Texas two-step bankruptcies to avoid potentially massive lawsuit exposure. The tactic involves creating a subsidiary to absorb the liabilities and to immediately file for Chapter 11.

        source here

        • Bakkoda@sh.itjust.works
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          11 months ago

          Look up MNK/Mallinkrodt aka SpecGX. Just filed for bankruptcy right after emerging from bankruptcy in order to shed the original agreement of future products in lieu of fines or some such shit. Opioid manufacturer double bankruptcy.

  • spyke@lemm.ee
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    11 months ago

    IANAL but I believe there is significant legal precedent against this. Most notably the recent order preventing Purdue Pharma, and the Sackler family from that very protection.