Cancer victims sue Johnson & Johnson over 'fraudulent' bankruptcies

Bottles of Johnson & Johnson baby powder line a drugstore shelf in New York Oct 15, 2015.NEW YORK — A group of cancer victims sued Johnson & Johnson on Wednesday , accusing the healthcare company of committing fraud through repeated and continued efforts to use a shell company's bankruptcy to resolve tens of thousands of lawsuits alleging its talc products contained asbestos and caused cancer.

J&J's worldwide vice president of litigation, Erik Haas, said the lawsuit was a "Hail Mary pass" by plaintiffs' lawyers who don't want their clients to vote on the company's latest proposed bankruptcy settlement. J&J has said that its baby powder and other talc products are safe, do not contain asbestos, and do not cause cancer.

Wednesday's lawsuit seeks a ruling that the Texas two-step transaction was fraudulent, because it was undertaken solely to shelter J&J's assets from the talc litigation.

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