Highlighting key themes customers are tracking this week using the Auquan Portfolio Intelligence Platform.
Nestlé E. Coli Outbreak in France
The court in Nanterre, France will examine on May 9 claims against Nestlé for 250 million euros in compensation over “gross negligence” regarding the company’s handling of the E. coli outbreak at its Caudry factory, where Buitoni pizzas are produced. There were 55 victims of the outbreak, including the deaths of two children.
This week, two new complaints were filed this week against Nestlé on behalf of two additional children that required hospitalization.
- E.Coli bacteria in Buitoni pizzas: justice will examine a claim for compensation in May (franceinfo)
- French Court to Review Compensation Case Against Nestlé Over E. coli Poisonings in May (marketscreener)
- Two new complaints filed against Nestlé (News in France)
Turkey Earthquake: Commercial and Economic Impact
- Select companies impacted: Doosan Group; Maersk; E.ON SE
As rescue efforts continue in Turkey following the devastating earthquakes, assessments of the commercial and economic impact of the event continues in a country already experiencing high inflation. The impact includes supply disruptions involving local industries, ports, and logistics.
The Turkish port of Iskenderun is currently closed until further notice, and shipping giant Maersk has stopped accepting new orders through the port of not accepting new orders through the port.
The earthquake has impacted the power grid in southern Turkey, operated by Enerjisa Enerji in southern Turkey has affected the supply area of local power grid operator Enerjisa Enerji. By mid-week, 380,000 people were still without electricity and the company is bringing in teams from less affected regions to support the effort to restore power.
- Turkey Faces Post-Quake Economic Hit as Some Assets Stop Skid (Bloomberg)
- Turkey Earthquake Triggers Fires, Container Giant Maersk Implements Emergency Plan (viva)
- Supply region of Turkish JV Enerjisa affected by earthquake (Reuters)
Hair Straightening Product Cancer Lawsuits
- Select companies impacted: L’Oréal; Godrej Group; Herbal Hills; Procter & Gamble; Unilever
Nearly 60 lawsuits claiming hair relaxer products sold by a number of consumer product companies cause cancer and other health problems will be consolidated in Chicago federal court. The lawsuits allege the companies knew their products contained dangerous chemicals but continued to market them.
A related class action lawsuit was also filed against L’Oréal in British Columbia, Canada.
- Nearly 60 hair relaxer lawsuits against L'Oreal, others consolidated in Illinois federal court (Reuters)
- JPML Told Lawsuits Over Cancer from Hair Relaxer Will Be Filed By Women Nationwide in 2023 (About Lawsuits)
- L'Oreal targeted in proposed B.C. class action linking hair relaxers to cancer in Black women (CBC)
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