Inside Johnson & Johnson’s bankruptcy two-step
Johnson & Johnson, one of the world’s largest healthcare companies, is facing thousands of lawsuits from people alleging they got cancer from using one of their oldest products: talc-based baby powder.
To manage the growing liability, J&J recently deployed a controversial new bankruptcy manoeuvre known as the Texas Two-Step.
In this week’s episode, we explore whether J&J’s use of this manoeuvre is setting a new precedent for corporations to evade accountability in America.
Clip courtesy of NBC News
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For further reading:
Johnson & Johnson’s ‘Texas-two-step’ sparks outcry over US bankruptcy regime
Architects of ‘Texas two-step’ lambast J&J for its use of the manoeuvre
‘Texas two-step’ outcry risks ending fee bonanza for law firm Jones Day
J&J’s Texas two-step waltzes over its liabilities
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On Twitter, follow Jamie Smyth (@JamieSmythF) and Michela Tindera (@mtindera07)
Read a transcript of this episode on FT.com
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