The family of Mae Moore, a California resident who died at age 88 in 2021, sued the company the same year, claiming J&J’s talc baby powder products contained asbestos fibers that caused her rare cancer. The jury late on Monday ordered J&J to pay $16 million in compensatory damages and $950 million in punitive damages, according to court filings.
So what fraction of a percent of the profits they made is the $966m?
https://finance.yahoo.com/quote/JNJ/financials/
2024 they had $89 billion revenue, so about 1.1% of revenue.
But profits were “only” $16.7 Billion so 5.8% of profits.
But I’m guessing this is deductible, so they’ll probably survive.
Lets see, between its introduction in 1892 to its discontinuation in 2019 we can safely derive a global sales average of $273 million per year (accounted for inflation).
2019-1892 = 127 years * $273 = $34.67 Billion.
$966m penalty equates to a 3% deficit to its overall worldwide sales over the lifetime of the product. IE: Nothing.
If you kill a board of directors and chief officers is it only one count of murder since a corporation is a person?
I think you mean 3%…but still, nothing.
I had assumed that people would figure that the 0.03 was part of 1.00 and not 100 but yeah, my bad. changed.
No see, we created another billionaire and we’ll call it a win. That family will never need to work again.