SK Hynix’s $28B U.S. IPO Draws Strong Demand as AI Chip Boom Fuels Investor Interest 
Dollar Slips as Oil Prices Ease, Fed Rate Outlook Remains Uncertain 
Fed Reaffirms 2% Inflation Goal, Vows Forceful Action to Anchor Price Expectations 
Nvidia Invests $500M in Firmus Technologies Ahead of Planned ASX IPO 
Gold Prices Slip as Stronger Dollar, Fed Rate Outlook Weigh on Bullion 
Gold Price Climbs Over 1% as Dollar Weakens, Fed Rate Debate and Iran Tensions Remain in Focus 
Venezuela Earthquake Death Toll Climbs to 3,811 as Government Seeks Sanctions Relief 
Japan Producer Inflation Hits 7.1% in June, Fueling BOJ Rate Hike Expectations 
BHP Faces Port Hedland Strike Threat as Iron Ore Export Risks Grow 
Oil and LNG Tankers Turn Back as Strait of Hormuz Security Risks Escalate 
Netflix, Disney, YouTube Eye FIFA World Cup TV Rights in Multi-Billion Dollar Battle 
Oil Prices Slip but Stay on Track for Weekly Gains as U.S.-Iran Conflict Persists 
US Stock Futures Steady as US-Iran Tensions and Fed Inflation Concerns Weigh on Markets 
Mizuho’s Top U.S. Industrials Stocks: Why Corteva and Stanley Black & Decker Stand Out 
Japanese Yen Rises as Pension Fund Plan and BOJ Rate Hike Bets Weigh on Dollar 
Oil Prices Rise as U.S.-Iran Conflict Fuels Strait of Hormuz Supply Fears 
US Launches New Iran Strikes as Strait of Hormuz Conflict Escalates, Oil Prices Rise 
Johnson & Johnson received unfavorable news for the company on Tuesday, June 1, after the Supreme Court rejected its appeal for the cancellation of a court decision where it was ordered to pay $2.1 billion in penalty.
The case against Johnson & Johnson is about the allegations the asbestos in its talc powder caused cancer in women, specifically many have reportedly developed ovarian cancer. The talc powder products also include the baby powder that has been around since 1893.
The Supreme Court upheld the penalty order
The high court announced without any kind of argument that it will not hear the case thus the penalty will not be scrapped. According to the order, Justices Samuel Alito and Brett Kavanaugh recused or disqualified themselves from consideration of the case.
CNBC reported that Johnson & Johnson made a request for the Supreme Court to assess the penalty it received after the amount was sustained by the Missouri Supreme Court in 2020. Although the amount is high, this was already reduced from the initial $4 billion.
The company that develops medical devices, pharmaceuticals and consumer packaged goods stated it is facing over 21,000 lawsuits for the talc products. Thus, in May 2020, Johnson & Johnson shared that it has already halted the selling of talc-based baby powder in Canada and the United States.
The company cited lower demand for the said item due to the spread of misinformation concerning the talc powders’ safety. It added the legal cases have also negatively affected the brand.
J&J’s response to the decision
In any case, J&J’s appeal for the Supreme Court to review its penalty was turned down and the opponent’s lawyer’s argument played a role. Ken Starr, a former Whitewater prosecutor who is representing the women who sued Johnson & Johnson, wrote in his brief that the justices should not review the case because, for decades, the company has been aware that their talc powders are made with asbestos as one of its ingredients. The substance is said to be “highly carcinogenic with no known safe exposure level.”
Finally, Reuters reported that J&J said the decision left unresolved legal issues and maintained that its baby powder is safe. The company reiterated there are scientific evaluations that prove the “product is safe, does not contain asbestos, and does not cause cancer."
