I don’t really trust this website, they seem to be pushing you towards their paid services rather than providing useful news.
In any case, my understanding is that this is pretty old news. Also, it’s not J&J filing for bankruptcy, but a spin-off subsiduary that they created after the fact and have given all the IP rights to. They’ve lost every step of the way so far because what they’re trying to do is so transparent, they’re trying to shirk liability when at the time it was all theirs and theirs alone.
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.
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.
I’m reminded of that FamGuy scene.
