Johnson & Johnson Stock Drops 5% After Bankruptcy Court Rejects Talc Settlement

(RTTNews) - Johnson & Johnson (JNJ) is trading at $157.15, down 5.24 percent or $8.69 during Tuesday's trading, after a U.S. Bankruptcy Court denied its subsidiary Red River Talc LLC's proposed prepackaged bankruptcy plan.

The stock opened at $160.73 and has moved between $156.57 and $161.81 so far today, compared to a previous close of $165.84 on the New York Stock Exchange. Volume has reached 7.75 million shares, nearing its average of 9.16 million. Its 52-week range stands at $140.68 to $169.99.

The plan, which offered one of the largest settlements in mass tort bankruptcy history, was supported by most claimants but faced opposition from certain law firms. J&J announced it will now litigate the talc claims in the tort system rather than pursuing an appeal.