Big Pharma giant and mRNA manufacturer Johnson & Johnson is planning to file for bankruptcy before the incoming tsunami of Covid vaccine lawsuits hits the company, according to reports.
Johnson & Johnson is facing at least 18 jury trials over the next year tied to claims of tainted talc in its iconic baby powder, prompting the company to consider a third bankruptcy filing in hopes of fostering a global settlement.
Since 2016, J&J has been hit with at least $570 million in damage awards over cancer claims and paid out at least $2.5 billion in settlements, according to data compiled by Bloomberg.
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Those numbers are set to skyrocket with millions of people around the world preparing vaccine lawsuits, according to reports.
“With all those trials staring them in the face, of course they want their unit to run back into bankruptcy,” said Carl Tobias, a University of Richmond professor who teaches about mass torts and has followed the upcoming cases.
“They are playing for time and to avoid shelling out the hundreds of millions of dollars on lawyers to defend all those trials.”
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