Johnson & Johnson (JNJ) cleared a key hurdle for advancing its $6.5B plan to resolve thousands of lawsuits by people who say its baby powder gave them cancer after more than 75% of the group signed off on the proposal through secret balloting that ended in late July, Jef Feeley and Damian Garde of Bloomberg report, citing people familiar with the matter. Such a result would boost J&J’s latest bid to confine liability to a unit it set up as part of an effort to resolve the lawsuits, according to Bloomberg. Shares of Johnson & Johnson are up 13c to $160.80 following the report.
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