Johnson & Johnson shares fell the most in five years after the company’s plan to settle thousands of talc-related lawsuits through bankruptcy was shot down in court.
The ruling means J&J will have to fight roughly 60,000 claims brought by women who say the company’s hallmark baby powder caused ovarian cancer and other, similar gynecological diseases in courts across the country. It may also have to set aside far more than the $9 billion it had earmarked for victims.
J&J’s shares dropped as much as 5.6% in New York on Tuesday, marking the biggest intraday loss since March 2020.
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