Reported 2 days ago
Johnson & Johnson is facing a pivotal court hearing regarding its $10 billion plan to settle ongoing litigation claiming its baby powder caused ovarian cancer. The company seeks approval from a U.S. Bankruptcy Judge in Houston for its third attempt to resolve over 62,000 lawsuits through the bankruptcy of a subsidiary. Previous efforts to settle through bankruptcy were denied, but J&J believes it now has sufficient support for its proposal. The judge will evaluate the legitimacy of the votes collected and the fairness of J&J's approach, as some claimants argue that the settlement impinges on their right to seek higher compensation in court.
Source: YAHOO