▲ 489 ▼ Johnson & Johnson is trying to file for bankruptcy. They are taking it to the Supreme Court for protection against the litigation results of their products potentially causing cancer. (www.thestreet.com) submitted 2 years ago by trashmonkey@lemmy.world to c/news@lemmy.world 44 comments fedilink hide all child comments
[–] avidamoeba@lemmy.ca 20 points 2 years ago (1 child) Isn't that the point of limited liability corporations? To move profits into private pockets while keeping liabilities in the corporation? permalink fedilink source parent hideshow 2 child comments replies: [–] girlfreddy@sh.itjust.works 16 points 2 years ago* (last edited 2 years ago) (1 child) 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. source here permalink fedilink source parent hideshow 2 child comments replies: [–] Bakkoda@sh.itjust.works 8 points 2 years ago Look up MNK/Mallinkrodt aka SpecGX. Just filed for bankruptcy right after emerging from bankruptcy in order to shed the original agreement of future products in lieu of fines or some such shit. Opioid manufacturer double bankruptcy. permalink fedilink source parent
[–] girlfreddy@sh.itjust.works 16 points 2 years ago* (last edited 2 years ago) (1 child) 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. source here permalink fedilink source parent hideshow 2 child comments replies: [–] Bakkoda@sh.itjust.works 8 points 2 years ago Look up MNK/Mallinkrodt aka SpecGX. Just filed for bankruptcy right after emerging from bankruptcy in order to shed the original agreement of future products in lieu of fines or some such shit. Opioid manufacturer double bankruptcy. permalink fedilink source parent
[–] Bakkoda@sh.itjust.works 8 points 2 years ago Look up MNK/Mallinkrodt aka SpecGX. Just filed for bankruptcy right after emerging from bankruptcy in order to shed the original agreement of future products in lieu of fines or some such shit. Opioid manufacturer double bankruptcy. permalink fedilink source parent