J&J Baby Powder Cover-Up Cost Workers Millions, Suit Says

Law360 (January 23, 2019, 5:30 PM EST) -- Johnson & Johnson cost its workers millions by allowing them to invest their retirement savings in overvalued company stock while hiding the fact that its talcum powder contains asbestos, according to a proposed class action complaint in New Jersey federal court.

Michael Perrone, the plan participant leading the suit, accused Johnson & Johnson and some of its senior leadership on Tuesday of flouting their fiduciary duties under the Employee Retirement Income Security Act by failing to act in the best interests of their retirement plans. Perrone said that the fiduciaries knew about the presence of asbestos in the powder for decades...

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