J&J drops 3% after judge rejects $10B settlement - Breaking The News

J&J drops 3% after judge rejects $10B settlement

1 April

1 min read

EPA-EFE/DAN PELED

The shares of the American pharmaceutical company Johnson and Johnson (J&J) declined by more than 3% on Tuesday after US Bankruptcy Judge Christopher Lopez rejected the company's $10 billion proposal to resolve tens of thousands of lawsuits accusing J&J's baby powder and other talc products of causing ovarian cancer.

The judge claimed the company did not belong in bankruptcy, making it the J&J's third failed attempt. While the pharmaceutical giant claimed that the latest attempt should succeed due to the larger amount of money, its opponents said it should be dismissed because the company is not in "financial distress."

The company's shares dropped by 3.04% at 5:00 am ET during premarket trading to sell for $160.80 apiece.

johnson & johnson

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