The Texas Two-Step and Johnson & Johnson’s Baby Powder
New Books in Economic and Business History - Un pódcast de New Books Network
What’s safer than baby powder? Parents have been trusting Johnson & Johnson for over 100 years to powder their baby’s bottoms. Yet, numerous studies have revealed the presence of trace amounts of asbestos in this talc-based powder. Thousands of parents now claim that this asbestos is responsible for their cancers. A Reuters investigation catalogued this evidence and the fact that J&J knew about the asbestos since the 1950s, yet continued to sell the powder. Johnson & Johnson is proposing a $9 billion dollar settlement for the over 38,000 lawsuits brought and all claims into the future. However, it depends on the courts accepting a controversial bankruptcy procedure called “the Texas Two-Step.” This strategy is being used to address a raft of personal injury complaints against a number of companies, but critics call it nothing more than a ‘sham bankruptcy’ that is being used to let corporations off the hook. SUPPORT THE SHOW You can support the show for free by following or subscribing on Spotify, Apple Podcasts, or whichever app you use. This is the best way to help us out and it costs nothing so we’d really appreciate you clicking that button. If you want to do a little more we would love it if you chip in. You can find us on patreon.com/dartsandletters. Patrons get content early, and occasionally there’s bonus material on there too. ABOUT THE SHOW For a full list of credits, contact information, and more, visit our about page. Learn more about your ad choices. Visit megaphone.fm/adchoices