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☆ NY Fed can cut off Puerto Rican bank in Venezuela-related crackdown -US judge
▼ + stars: | 2023-10-27 | by ( Jonathan Stempel | ) www.reuters.com time to read: +3 min

[1/2] The entrance to The Federal Reserve Bank of New York is seen in New York City, U.S., March 13, 2023. The New York Fed agreed to keep the bank's master account open until Koeltl ruled on the preliminary injunction motion. The New York Fed declined to comment. In 2019, the New York Fed said it would stop approving new master accounts for Puerto Rican offshore banks because of sanctions aimed at ousting Venezuela's socialist President Nicolas Maduro. The case is Banco San Juan Internacional Inc v Federal Reserve Bank of New York et al, U.S. District Court, Southern District of New York, No, 23-06414.

Persons: Brendan McDermid, John Koeltl, BSJI, Koeltl, Nicolas Maduro, Jonathan Stempel, Diane Craft, Jonathan Oatis Organizations: Federal Reserve Bank of New, REUTERS, District, Banco San Juan Internacional, New York, New, Fed, New York Fed, Venezuela's, Banco San Juan Internacional Inc, Reserve Bank of New, Court, Southern District of, Thomson Locations: Federal Reserve Bank of New York, New York City, U.S, Puerto Rican, Venezuela . U.S, Manhattan, Venezuela, OPEC, Reserve Bank of New York, Southern District, Southern District of New York, New York

A bottle of Johnson and Johnson Baby Powder is seen in a photo illustration taken in New York, February 24, 2016. LTL's bankruptcy proceedings have largely paused the 38,000 lawsuits against J&J, although one case was allowed to proceed to a $18.8 million verdict in July. But David Molton, an attorney for the official committee representing cancer claimants in LTL's bankruptcy, said that a temporary prohibition on new bankruptcy filings was appropriate, given LTL's repeated bankruptcy filings. Kaplan, who dismissed LTL's second bankruptcy, said he was not inclined to block future bankruptcy filings because circumstances could change in the next six months. But the judge said he was open to further written arguments on that point before issuing a formal decision closing LTL's second bankruptcy case next week.

Persons: Johnson, Mike Segar, J, Michael Kaplan, Greg Gordon, David Molton, Kaplan, LTL's, J's, Dietrich Knauth, Cynthia Osterman Organizations: REUTERS, Johnson, LTL Management, U.S . Department of, J, Thomson Locations: New York, Trenton , New Jersey, LTL's, Texas

U.S. Bankruptcy Judge Michael Kaplan in Trenton, New Jersey, ruled that a J&J company's second bankruptcy, like its first, must be dismissed because the talc lawsuits did not put it in immediate "financial distress." J&J's first bankruptcy gambit began in 2021, when it offloaded its talc liabilities into a new company, LTL Management, and immediately placed that company into bankruptcy. Attorneys representing cancer victims, along with the U.S. Justice Department's bankruptcy watchdog, had called for LTL's second bankruptcy to be dismissed as an abuse of U.S. bankruptcy law. Andy Birchfield, an attorney who represents cancer victims, said the second bankruptcy was meant to keep the talc lawsuits from being heard by juries. J&J argued that the proposed bankruptcy settlement offers a fairer and faster resolution for cancer claimants than litigation in other courts.

Persons: Johnson, Mike Segar, imperiling, Michael Kaplan, J, Kaplan, J's, LTL's, LTL, U.S . Justice Department's, Andy Birchfield, Birchfield, Dietrich Knauth, Mike Spector, Jonathan Oatis, Matthew Lewis, Leslie Adler Organizations: REUTERS, Johnson, LTL Management, U.S . Justice, J, Thomson Locations: New York, U.S, Trenton , New Jersey, California

The jury ruled in favor of Emory Hernandez Valadez, who filed suit last year in California state court in Oakland against J&J, seeking monetary damages. The six-week trial was the first over talc that New Brunswick, New Jersey-based J&J has faced in almost two years. Hernandez will not be able to collect the judgment in the foreseeable future, thanks to a bankruptcy court order freezing most litigation over J&J's talc. Jurors heard from Hernandez's mother, Anna Camacho, who said she used large amounts of J&J's baby powder on her son when he was a baby and through childhood. Tens of thousands of plaintiffs have sued, alleging that J&J's baby powder and other talc products sometimes contained asbestos and caused ovarian cancer and mesothelioma.

Persons: Johnson, Emory Hernandez Valadez, Hernandez, Erik Haas, Anna Camacho, Michael Kaplan, LTL, J, Brendan Pierson, Will Dunham, Sandra Maler Organizations: Johnson, J, Reuters, View, LTL Management, LTL's, Thomson Locations: California, Oakland, Brunswick , New Jersey, Trenton , New Jersey, New York

☆ J&J faces a pivotal talc verdict. Jim Cramer looks at how both outcomes could impact the stock
▼ + stars: | 2023-07-12 | by ( Paulina Likos | ) www.cnbc.com time to read: +6 min

J & J has said that more than 60,000 claimants support its latest proposition. This is the first J & J talc trial in about two years. JNJ YTD mountain J & J year-to-date stock performance The unresolved lawsuits against J & J have, in part, weighed on the company's stock. The MedTech and Pharmaceuticals units remained and make up the new J & J. Traders wear Johnson & Johnson coats at the NYSE.

Persons: Johnson, J's, Emory Hernandez, Hernandez, Anthony, LTL, Michael Kaplan, Kaplan, —, Jim Cramer, Jim, J, Jim Cramer's, Adam Jeffery Organizations: LTL Management, J, Johnson, — Chemours, DuPont, CNBC, AAA, Pharmaceuticals, Traders, NYSE, & ' $ Locations: California, North America, U.S

The deal has divided lawyers representing cancer victims, many of whom claim that J&J has created the illusion of widespread support for a settlement that would deny plaintiffs just compensation. Johnson & Johnson is attempting to use the second bankruptcy of its subsidiary LTL Management to resolve all current and future claims stemming from its talc products. LTL quickly filed for bankruptcy again, arguing that its second effort has won more support from plaintiffs. The proposed settlement would resolve all of those unfiled claims, as well as any future claim alleging that a J&J talc product caused cancer. Mikal Watts, an attorney who supports the deal and says he has 17,000 talc clients, said that he did not agree with J&J statements about "secured commitments."

Persons: Brendan McDermid, Johnson, Johnson's, LTL's, LTL, U.S . Justice Department's, Moshe Maimon, Mikal Watts, Watts, Jim Murdica, Maimon, Murdica, Michael Kaplan, Kaplan, Dietrich Knauth, Alexia Garamfalvi, Stephen Coates Organizations: REUTERS, Johnson, Management, U.S . Justice, J, Thomson Locations: New York City, U.S, Trenton , New Jersey

☆ J&J's $8.9 billion talc settlement faces US bankruptcy test
▼ + stars: | 2023-06-27 | by ( Dietrich Knauth | ) www.reuters.com time to read: +3 min

J&J has said its talc products are safe and do not contain asbestos. Attorneys representing cancer victims, along with the U.S. Justice Department's bankruptcy watchdog, have called for LTL's second bankruptcy to be dismissed as an abuse of U.S. bankruptcy law. Cancer victims who oppose the bankruptcy settlement have said that the second bankruptcy recycles a failed legal strategy to keep their cases from being heard by juries. Circuit Court of Appeals, has said he expects to rule on whether to dismiss LTL's second bankruptcy by early August. Erik Haas, J&J's worldwide vice president for litigation, said in a statement last week that the proposed bankruptcy settlement offers a fairer and faster resolution for cancer claimants than litigation in other courts.

Persons: Johnson, LTL Management's, LTL, U.S . Justice Department's, recycles, Michael Kaplan, Kaplan, LTL's, John Kim, Jim Murdica, Mikal Watts, Erik Haas, J, Watts, Dietrich Knauth, Alexia Garamfalvi, Will Dunham Organizations: Johnson, U.S . Justice, Circuit, J, Thomson Locations: New Jersey, Trenton, Philadelphia, LTL, New York

The company has denied that its talc contains asbestos, which is linked to mesothelioma, or causes cancer. J&J in a statement on Wednesday said it "deeply sympathizes with anyone suffering from cancer and understands they are looking for answers. It is the company's second attempt to resolve talc claims in bankruptcy, after a federal appeals court rejected an earlier bid. Still, the outcome of the trial could influence whether other plaintiffs decide to join in the proposed settlement. J&J and LTL have argued bankruptcy delivers settlement payouts more fairly, efficiently and equitably than a “lottery” offered by trial courts, where some litigants get large awards and others nothing.

Persons: Johnson, Emory Hernandez, Joseph Satterley, Hernandez, Satterley, J, Michael Kaplan, LTL, Brendan Pierson, Alexia Garamfalvi, Bill Berkrot Organizations: Johnson, Wednesday, LTL Management, LTL's, Thomson Locations: Alameda County , California, Trenton , New Jersey, New York

Companies Johnson & Johnson FollowNEW YORK, May 16 (Reuters) - Johnson & Johnson (JNJ.N) has set aside $400 million to resolve U.S. state consumer protection actions as part of its broader $8.9 billion effort to settle claims that its Baby Powder and other talc products cause cancer. LTL's bankruptcy plan would pay $400 million into a separate trust for claims filed by state attorneys general alleging that J&J violated state unfair business practices and consumer protection laws by misleading consumers about the safety of its talc products. Several states had begun consumer protection actions against J&J before LTL's first bankruptcy filing stopped those investigations from moving forward in 2021. New Mexico and Mississippi said in their motion to dismiss that LTL's renewed bankruptcy violates state law enforcement powers by attempting unilaterally to cap the company's liability for state consumer protection actions. From there, the proposed settlement applies discounts depending on the type and severity of cancer, the individual's age, history of talc use and other factors.

LTL has said litigation against J&J would imperil its effort to negotiate a comprehensive settlement of all current and future talc claims in its bankruptcy. Before the talc lawsuits could resume, LTL filed for bankruptcy a second time, re-opening the legal battle over the bankruptcy's legitimacy. It has said its second bankruptcy is different because it has less funding available and more plaintiff support for a settlement. U.S. Bankruptcy Judge Michael Kaplan agreed to protect J&J from lawsuits during LTL's first bankruptcy, saying at the time it offered the best way to fairly resolve all of the talc lawsuits together. Kaplan, who is also presiding over the second bankruptcy, will now decide whether to stop the lawsuits again to give LTL a second shot at a bankruptcy settlement.

Kaplan said he shared Richenderfer's concerns, but would not take any action to stop LTL's second bankruptcy filing until he gets more information. J&J faces more than 38,000 lawsuits that have been consolidated in federal court in New Jersey alleging that its talc products sometimes contained carcinogenic asbestos, and those cases have been on hold while LTL pursues a bankruptcy settlement. J&J has said its baby powder and other talc products are safe, do not cause cancer or contain asbestos. LTL attorney Greg Gordon said at Tuesday's court hearing that the second bankruptcy is different because the company has fewer assets available and more support for a bankruptcy settlement. Gordon called that an "over the top accusation," saying plaintiffs' support for the settlement is real and substantial.

Companies Johnson & Johnson FollowApril 10 (Reuters) - Johnson & Johnson's renewed effort to resolve talc lawsuits through an $8.9 billion bankruptcy settlement must be dismissed as a "fraudulent scheme" that defies a court order rejecting the company's previous attempt to settle the litigation, according to a court filing from lawyers representing cancer victims. Circuit Court of Appeals that it was not in sufficient "financial distress" to qualify for bankruptcy. J&J maintains that its talc products are safe and do not cause cancer. J&J did not provide an estimate of the total number of talc claims it faces when asked. That's especially true for J&J talc cases, because LTL's first bankruptcy stopped new lawsuits from being filed after October 2021, he said.

☆ Two reasons why settling JNJ's baby powder litigation is great for shareholders
▼ + stars: | 2023-04-05 | by ( Jeff Marks | ) www.cnbc.com time to read: +4 min

A resolution to Johnson & Johnson's outstanding talc litigation claims may finally be here — and that's welcome news for the company and its shareholders. Johnson & Johnson (JNJ) said it will pay $8.9 billion over the next 25 years to resolve all current and future talc claims. But now that J & J has created a path toward resolving its talc litigation at a steep but very manageable cost of $8.9 billion, the overhang pressure should ease. With the J & J talc litigation overhang nearing an end, the stock deserves to trade back to this level at a minimum. In this photo illustration a bottle of Johnson & Johnson baby powder is displayed on a table on November 12, 2021 in San Anselmo, California.

☆ Johnson & Johnson unit loses bid to stay in bankruptcy during Supreme Court appeal
▼ + stars: | 2023-03-31 | by ( Dietrich Knauth | ) www.reuters.com time to read: +1 min

Companies Johnson & Johnson FollowMarch 31 (Reuters) - A U.S. court on Friday declined to delay the dismissal of a Johnson & Johnson company's (JNJ.N) bankruptcy, directing the bankruptcy to be dismissed despite a planned U.S. Supreme Court appeal that could revive the company's effort to resolve tens of thousands of lawsuits over its talc products in bankruptcy. J&J maintains its consumer talc products are safe and asbestos-free. Circuit Court of Appeals based in Philadelphia ruled that LTL's bankruptcy should be dismissed because neither LTL nor J&J had a legitimate need for bankruptcy protection because they were not in "financial distress." LTL asked the 3rd Circuit to delay its ruling from taking effect until the company has time to pursue an appeal to the U.S. Supreme Court. The 3rd Circuit denied that request in a brief written order Friday, instead directing the a U.S. bankruptcy judge to close LTL's bankruptcy case.

J&J maintains its talc products are safe. U.S. Bankruptcy Judge Michael Kaplan was set to preside over the hearing for the subsidiary, called LTL Management, in Trenton, New Jersey. In October 2021, J&J offloaded the tidal wave of talc lawsuits it faced onto one of its newly created units, LTL, which then declared bankruptcy. Reuters last year detailed the secret planning of Texas two-steps by Johnson & Johnson and other major firms in a series of reports exploring corporate attempts to evade lawsuits through bankruptcies. LTL declared bankruptcy while J&J avoided seeking Chapter 11 protection, with all its inherent financial and reputational wreckage.

☆ U.S. court rejects J&J bankruptcy strategy for tens of thousands of talc lawsuits
▼ + stars: | 2023-01-30 | by ( ) www.cnbc.com time to read: +3 min

J&J said it will challenge the Third Circuit's ruling and continue to seek a resolution of the lawsuits in bankruptcy court. The appeals court was urged to dismiss the bankruptcy petition by plaintiffs suing over the talc products. The cancer victims asked the appeals court to overrule a New Jersey bankruptcy judge who had allowed LTL's bankruptcy to continue. LTL's bankruptcy filing automatically stopped lawsuits from proceeding against it, and U.S. Bankruptcy Judge Michael Kaplan in Trenton, New Jersey ruled in February that LTL's bankruptcy should also stop talc lawsuits from proceeding against parent company J&J. Kaplan said the bankruptcy court is better equipped to handle mass tort litigation than other courts.

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☆ Cancer victims urge court to end J&J bankruptcy roadblock to lawsuits
▼ + stars: | 2022-09-20 | by ( Dietrich Knauth | ) www.reuters.com time to read: +4 min

The Johnson & Johnson logo is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., May 29, 2019. But J&J countered bankruptcy court allows all current and future talc lawsuits to be settled together, which it says is the fastest and fairest way. The cancer victims are asking the appeals court to overrule a New Jersey bankruptcy judge who allowed LTL's bankruptcy to continue. LTL's bankruptcy filing automatically stopped lawsuits from proceeding against it, and U.S. Bankruptcy Judge Michael Kaplan in Trenton, New Jersey ruled in February that LTL's bankruptcy should also stop talc lawsuits from proceeding against parent company J&J. In refusing to dismiss the case, Kaplan said the bankruptcy court is better equipped to handle mass tort litigation than other courts.

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