The legal blows just keep coming for Johnson & Johnson. Not only is it dealing with lawsuits related to its talc powder still, but Texas’s attorney general brought a lawsuit against J&J Tuesday, saying the company “knowingly withheld evidence from consumers” while selling Tylenol for decades. The over-the-counter drug has come under fire by the Trump administration and the Department of Health and Human Services in recent weeks as being dangerous for pregnant people and flagged as a potential cause of autism, something researchers have previously pushed back against. As CFO Brew reports, it provides a stark reminder for finance and risk leaders that product liability risk can get real expensive, real quick. A jury in Los Angeles recently ordered the consumer products giant to pay $966 million to the family of a woman who died of mesothelioma, Reuters reported. The plaintiffs alleged, and the jury agreed, that J&J’s talc products were to blame. This amount includes $16 million in compensatory damages and $950 million in punitive damages. The company said it plans to appeal. In a statement, Erik Haas, J&J’s worldwide VP of litigation, called the verdict “egregious and unconstitutional” and claimed the plaintiffs based their arguments on “junk science.” This is far from the end for J&J’s talc troubles, as it still faces more than 90,000 pending lawsuits, according to the New York Times. Keep reading on CFO Brew.—AZ |