According to CNBC, a U.S. bankruptcy judge rejected Johnson & Johnson’s $10 billion talc settlement proposal on Monday. This marks the company’s third failed bankruptcy attempt to resolve over 60,000 lawsuits. Judge Lopez said J&J’s proposed settlement lacked enough support from cancer claimants. He also ruled it overreached by trying to shield companies not in bankruptcy, making the plan too flawed to proceed. J&J said it will not appeal the ruling but plans to fight the talc lawsuits in court rather than settle.
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00:00It's Benzinga bringing Wall Street to Main Street.
00:02The U.S. bankruptcy judge rejected Johnson & Johnson's $10 billion tax settlement proposal
00:06on Monday. That, according to CNBC, sparks the company's third failed bankruptcy attempt
00:11to resolve over 60,000 lawsuits. Judge Lopez said J&J's proposed settlement
00:16lacked enough support from cancer claimants. He also ruled it overreached by trying to shield
00:21companies not in bankruptcy, making the plan too flawed to proceed. J&J said it will not
00:26appeal the ruling. It plans to fight the top lawsuits in court rather than settle.
00:30For all things money, visit Benzinga.com.