J&J Reportedly Knew About the Presence of Asbestos in Baby Powder
According to a latest released report by Reuters, Johnson & Johnson always knew that its baby powder contained asbestos, which can be cancerous. Reuters stated that its report was based on Johnson & Johnson’s documents, deposition and trial testimony and not any conspiracy against the Johnson & Johnson.
After this report was released Johnson & Johnson shares plunge 10%. The report stated that from 1971 to the early 2000s, J&J workers, mine managers, executives, doctors and lawyers were aware the company’s raw talc and finished powders sometimes tested positive for small amounts of asbestos. Still, they didn’t do anything to solve the issue.
A Missouri jury in July 2018 ordered Johnson & Johnson to pay $4.69 billion in a case that was involving a total of 22 women and their families. A judge affirmed the verdict in August, and J&J vowed to appeal it. Johnson & Johnson has filed thousands of documents in court proceedings, though most of those have been said to be confidential.
One of the issues is that talc and asbestos are mineralogically very similar and they often occur together in deposit and so it was inadvertently mixed in.
They tried lots of ways to get it all out but the reports that they got on occasion that small amounts of asbestos were found in the talc and in the powder indicate that they weren’t always successful at getting it all out.
There’s a story about J and J right now that is really saying, look they knew something about top talc and asbestos. I am telling people right now that J and J is emblematic to what I say is going on with this market. Some company says something that is mildly negative that really won’t hold up and people throw things out we’ve known about the talc issue for a while on it encases but for whatever reason the market is acting differently based upon the story.
Today that has been passive generally shrugged off the news so I thought that I put that much credence into the market response, but the market is suggesting that there is something new that happened this morning. I would expect that given the attention surrounding this especially the market move that the FDA might have some more comments about this and maybe some other regulatory action.
Walk the talk: Asbestos in Baby Powder
Liz: Calculate with you powder Causing cancer. A St. Louis jury awarding woman who claims that the talcum powder Contribute to their ovarian Cancer Johnson & Johnson Says they have a good case to fight this.
>>They have an additional Problem which is 9,000 more Plaintiffs will come along and Interested in getting involved in this action. According to the American Cancer Society, the 1970s, there was no asbestos in talc. Asbestos is a carcinogen and can Cause inflammation. If there was asbestos in there It could conceivably cause Inflammation.
But the American Cancer Society says NO. The National Cancer Institute Looked at 16 studies involving Thousands of patients and found no connection between talc used as a feminine hygiene product Getting up to the ovary and Causing cancer either. So, both the American Cancer Society and the National Cancer Institute are saying No.
Liz: Johnson & Johnson’s statement. We remain confident our products Do not contain asbestos and do Not cause ovarian cancer. He’s saying they have been Proven safe.
>> according to the 16 studies, that’s correct. They looked at talc over a 12-year period.
Liz: Can asbestos cause cancer?
>> Yes, including lung cancer.
Liz: Can talc cause cancer?
Liz: $4.6 billion is a lot of Money. It could blank out their Profits. So
Liz: the cases postdate that.
>> The American Cancer Society says there are none in Commercial products.