That’s not what they did tho. They did this instead … and lower 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.
What a crock of shit. Johnson & Johnson netted $17 billion USD in 2022, so it’s not like they can’t afford to pay any settlements. They just don’t want to. In the last 5 years they netted 84 billion dollars, and that is all profit. Yeah, fuck you, J&J
Isn’t that the point of limited liability corporations? To move profits into private pockets while keeping liabilities in the corporation?
That’s not what they did tho. They did this instead … and lower courts said no.
source here