3rd Circuit Rejects Corrective Disclosures In Asbestos-Talc Securities Case

Mealey's (September 8, 2022, 1:43 PM EDT) -- PHILADELPHIA — A class’s generalized economic theory that earlier disclosure of news that Johnson & Johnson talc potentially contains asbestos — a point the company contests to this day — does not meet the standard for imposing a duty to make corrective disclosures on Employee Retirement Income Security Act fiduciaries, and while keeping the retirement funds in cash might at times be prudent, it is not a solution in this case, a Third Circuit U.S. Court of Appeals panel said in affirming dismissal of the class action on Sept. 7....