Johnson & Johnson’s first attempt at using bankruptcy to escape claims that its popular baby powder caused cancer was an expensive tactic that drew public scorn and ended in failure. Now it is trying again.
J&J s first attempt to escape cancer claims with bankruptcy failed Now it s trying again thenewstribune.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thenewstribune.com Daily Mail and Mail on Sunday newspapers.
Investors Eye Windfall From Denied COVID-19 Insurance Claims
A growing market niche where investors profit from others’ legal troubles is getting a boost from Covid.
Distressed-investing funds and litigation-finance boutiques are likely to be spoiled for choice after a landmark U.K. court ruling last month rejected pleas from insurers looking to dodge pandemic payouts. They’re looking to finance or buy denied Covid-19 insurance claims for policyholders without the means or stomach for taking their insurers to court.
“This is going to be huge,” said Steve Cooklin, chief executive officer of London-based litigation funder Manolete Partners Plc, whose biggest shareholder is veteran distressed investor Jon Moulton. “It’s hard to say at this stage how big exactly this issue is, but it’s probably going to be in the hundreds of millions of pounds.”
Purdue Talks Stall on Demand for More Cash From Sacklers
Bloomberg 1/27/2021 Jef Feeley and Jeremy Hill
(Bloomberg) Talks aimed at getting Purdue Pharma’s owners to increase their contribution to the opioid maker’s bankruptcy settlement have stalled, with members of the billionaire Sackler family resisting demands from states to boost their offer by more than $2 billion, according to people familiar with the matter.
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The Sacklers are willing to add more than $1 billion to their cash contribution, bringing their total to more than $4 billion, the people said. But attorneys general for states involved in the court-ordered mediation are seeking more than $5 billion to beef up addiction treatment and police budgets, the people said.