Johnson & Johnson talc powder spinoff files for bankruptcy
CBSN
A bankruptcy move from Johnson & Johnson could stall any talcum powder settlements for the thousands of families that have sued the company for billions of dollars in damages in recent years.
Officials with Johnson & Johnson said they have created a new subsidiary called LTL Management. Johnson & Johnson said it then moved $2 billion in baby powder lawsuit settlement money to LTL, then submitted LTL for bankruptcy. LTL Management filed for bankruptcy protection in North Carolina on Thursday and listed its liabilities between $1 billion and $10 billion.
Johnson & Johnson itself has not filed for bankruptcy and neither has any of its other subsidiaries like Aveeno and Neutrogena.
Washington — Democratic Rep. Raúl Grijalva of Arizona died Thursday morning after "a long and brave battle" against cancer, according to his office.
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Robert Morris, founding pastor of Gateway Church, a megachurch in Southlake, Texas, has been indicted on five counts of lewd or indecent acts with a child, stemming from alleged incidents dating back to the 1980s, the Oklahoma attorney general's office announced Wednesday. We are aware of the actions being taken by the legal authorities in Oklahoma and are grateful for the work of the justice system in holding abusers accountable for their actions. We continue to pray for Cindy Clemishire and her family, for the members and staff of Gateway Church, and for all of those impacted by this terrible situation.