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The 'Texas two-step' is back as J&J tries to shed talc lawsuits for a third time ... called J&J's Texas-two-step plan a "textbook example of bad faith" where the debtor has "no need for bankruptcy ...
New Jersey-headquartered J&J faces lawsuits from more than 62,000 plaintiffs alleging its baby powder and other talc products were contaminated with asbestos and caused ovarian and other cancers.
J&J’s Red River Talc unit made its filing in the U.S. Bankruptcy Court for the Southern District of Texas. J&J faces lawsuits from more than 62,000 claimants who alleged that its baby powder and ...
J&J faces lawsuits from more than 62,000 claimants who alleged that its baby powder and other talc products were contaminated with asbestos and caused ovarian and other cancers. To stop those ...
The strategy involves creating a subsidiary to absorb J&J's talc liability, which then declares bankruptcy to resolve cases while the company continues operating free from its own Chapter 11 filing.
J&J faces more than 50,000 lawsuits over talc, most by women with ovarian cancer, with a minority of the cases involving people with mesothelioma. The company has said that its talc products are ...
J&J’s maneuver is known as a Texas two-step for a state law used to create a subsidiary that shoulders litigation and then declares bankruptcy. The Third Circuit’s opinion allows talc ...
In the latest failed bankruptcy attempt, the company had proposed to pay $8.9 billion to talc claimants. J&J said last year that it was planning a third bankruptcy filing.