Johnson And Johnson To Pay $700m To Settle Claims It Misled Consumers

(Firdous Nazir/Getty Images)

J&J loses third attempt to settle cancer litigation in bankruptcy court

Johnson & Johnson said it would return to regular civil court to resolve the over 90,000 claims against it.

4/1/25 8:28AM

Johnson & Johnson slipped in premarket trading after a federal judge rejected its third attempt to settle over 90,000 claims that its talcum powder caused cancer in one fell swoop.

US Bankruptcy Judge Christopher Lopez on Monday evening said that Johnson & Johnson’s execution of a $9 billion settlement with cancer victims proposed last year was flawed. The company denies that talc-based baby powder is harmful, though it stopped selling the product worldwide in the past few years.

This is Johnson & Johnson’s third attempt at a “Texas two-step” bankruptcy, in which a company creates a subsidiary, offloads assets that are subject to litigation there, then files for bankruptcy. Once bankrupt, Johnson & Johnson (or rather, its subsidiary, Red River Talc) could end all current and future talc claims if it secures approval from 75% of claimants on its settlement proposal.

About 83% of plaintiffs, many eager to get a payout sooner rather than later, agreed to the proposal, according to Johnson & Johnson. In a statement following the ruling, Johnson & Johnson said that it would return to regular civil court to resolve the claims and called the talc litigation “plaintiff-lawyer driven fake tort, premised on junk science and fueled by third party litigation financing including from foreign sovereign wealth funds.”

Max Knoblauch7h

Paramount reportedly offers concessions to resolve multistate antitrust investigation

Paramount has reportedly offered up some concessions in an effort to prevent an antitrust lawsuit by California and about 10 other states, according to Bloomberg reporting on Monday.

Reuters first reported on the potential suit from a group of unnamed states last week, which could throw a wrench in Paramount’s plans to buy rival Warner Bros. Discovery in a Hollywood megamerger.

The list of concessions is unknown, though Bloomberg previously reported that Paramount is open to divesting some of its kids TV assets to appease EU regulators.

Late last month, reports said US regulators appeared likely to approve the $110 billion merger, following a meeting between Paramount CEO David Ellison and DOJ antitrust staffers.

Paramount Offers Concessions to Head Off State Antitrust Lawsuit

The list of concessions is unknown, though Bloomberg previously reported that Paramount is open to divesting some of its kids TV assets to appease EU regulators.

Late last month, reports said US regulators appeared likely to approve the $110 billion merger, following a meeting between Paramount CEO David Ellison and DOJ antitrust staffers.

$98B ⛽

Max Knoblauch14h

The IATA released its latest financial outlook for the airline industry over the weekend, forecasting a $98 billion jump in the sector’s collective fuel bill. The world’s largest trade group representing airlines expects the oil spike to halve profits by 49% from last year to $23 billion.

The group also expects profit margins to halve year over year, falling from 2025’s 4.2% to 2%. Still, revenue is expected to climb to $1.17 trillion from $1.07 trillion.

A surge in the cost of jet fuel has rocked US and global airlines this year, leading Delta Air Lines, United Airlines, American Airlines, Southwest Airlines, JetBlue, and others to raise fares and ancillary charges like bag fees. Low-cost carriers, which operate on smaller margins, have been squeezed the hardest, resulting in Spirit’s shutdown.

“It’s a tough year for all airlines, especially those whose balance sheets had not yet recovered from COVID. And, of course, for those operating in the Gulf,” said IATA Director General Willie Walsh, who added that demand is holding up and about half of passengers expect to spend more on travel this year. “That bodes well for a strong northern summer peak season. The big unknown is how long travelers and shippers can tolerate the higher costs of connectivity.”

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GM has reportedly rehired more than 100 former Cruise employees, 18 months after shuttering the robotaxi unit

GM has rehired more than 100 employees it let go early last year when it shuttered Cruise, its former robotaxi business, according to reporting by The Information.

The hiring spree, which also includes employees from Nvidia and Uber, is geared toward ramping up GM’s plans for personal-use self-driving vehicles and not robotaxis. The former had been the focus of Cruise, prior to GM shuttering it in 2024.

Reporting last fall revealed that GM was attempting to rehire some former Cruise employees, but the scope of that effort wasn’t clear. More than 1,000 employees were laid off when the automaker scrapped Cruise, which it invested $10 billion into.

Google’s Waymo, Cruise’s former chief rival, is now worth $126 billion after a $16 billion funding round earlier this year. The company says it’s serving 500,000 paid robotaxi rides per week in the US.

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