{"version":"1.0","type":"rich","provider_name":"Acast","provider_url":"https://acast.com","height":250,"width":700,"html":"<iframe src=\"https://embed.acast.com/$/6a13c15d-181a-4a2e-a662-739d0e7f731a/62a913228f5c060012ea6622?\" frameBorder=\"0\" width=\"700\" height=\"250\"></iframe>","title":"Inside Johnson & Johnson’s bankruptcy two-step","thumbnail_width":200,"thumbnail_height":200,"thumbnail_url":"https://open-images.acast.com/shows/615edd9c0cb78d1a6bda37d9/1653426925492-d0e5b9f095017884c93fe94bcacaacbe.jpeg?height=200","description":"<p>Johnson &amp; Johnson, one of the world’s largest healthcare companies, is facing thousands of lawsuits from people alleging they got cancer from using one of their oldest products: talc-based baby powder.&nbsp;</p><p><br></p><p>To manage the growing liability, J&amp;J recently deployed a controversial new bankruptcy manoeuvre known as the Texas Two-Step.&nbsp;</p><p><br></p><p>In this week’s episode, we explore whether J&amp;J’s use of this manoeuvre is setting a new precedent for corporations to evade accountability in America.</p><p><br></p><p>Update: A new version of this episode was uploaded on June 21, 2022 to update the number and outcome of trials 3M has faced related to one of its products.&nbsp;&nbsp;&nbsp;</p><p><br></p><p>Clip courtesy of NBC News&nbsp;</p><p>- - - - - - - - - - - - - - - - - - - - - - - - - -&nbsp;</p><p>For further reading:</p><p><a href=\"https://www.ft.com/content/de13b1ec-9b4a-4a27-ae63-c8ea38ffc683\" rel=\"noopener noreferrer\" target=\"_blank\">Johnson &amp; Johnson’s ‘Texas-two-step’ sparks outcry over US bankruptcy regime</a></p><p><a href=\"https://www.ft.com/content/025e7678-ced9-4c53-aa17-c539d621bde7\" rel=\"noopener noreferrer\" target=\"_blank\">Architects of ‘Texas two-step’ lambast J&amp;J for its use of the manoeuvre</a></p><p><a href=\"https://www.ft.com/content/de1da1ea-d19a-4f2d-a790-8ff45368d7d1\" rel=\"noopener noreferrer\" target=\"_blank\">‘Texas two-step’ outcry risks ending fee bonanza for law firm Jones Day</a></p><p><a href=\"https://www.ft.com/content/42b091bb-92c1-4161-9d09-6bcbbc0b4e6e\" rel=\"noopener noreferrer\" target=\"_blank\">J&amp;J’s Texas two-step waltzes over its liabilities</a></p><p>&nbsp;</p><p>- - - - - - - - - - - - - - - - - - - - - - - - - -&nbsp;</p><p><br></p><p>On Twitter, follow Jamie Smyth (<a href=\"https://twitter.com/JamieSmythF\" rel=\"noopener noreferrer\" target=\"_blank\">@JamieSmythF</a>) and Michela Tindera (<a href=\"https://twitter.com/mtindera07\" rel=\"noopener noreferrer\" target=\"_blank\">@mtindera07</a>)</p><p><br></p><p><a href=\"https://www.ft.com/content/ae33ad18-c1df-417b-af87-84efb9f1668c\" rel=\"noopener noreferrer\" target=\"_blank\"><strong>Read a transcript of this episode on FT.com</strong></a></p>","author_name":"Financial Times"}