Johnson & Johnson talc powder spinoff files for bankruptcy

Key Facts

October 15, 2021 / 12:21 PM / MoneyWatch A bankruptcy move from Johnson & Johnson could stall any talcum powder settlements for the thousands of families that have sued the company for billions of dollars in damages in recent years.
Johnson & Johnson said it then moved $2 billion in baby powder lawsuit settlement money to LTL, then submitted LTL for bankruptcy.
Johnson & Johnson also said this week that creating LTL Management and filing for bankruptcy "are not a concession of liability" and instead is the best way to end the talcum lawsuits.
"There are countless Americans suffering from cancer, or mourning the death of a loved one, because of the toxic baby powder that Johnson & Johnson put on the market that has made it one of the most profitable pharmaceutical corporations in the world," Lipsen said in a statement.