https://www.law.com/2024/09/20/breaking-johnson-johnson-files-third-talc-bankruptcy-in-texas/
Johnson & Johnson Headquarters in New Brunswick, New Jersey. Photo: Ekem via Wikimedia CommonsNEWS
Beasley Allen opposed the Chapter 11 case, which includes up to $10 billion in nominal compensation to talc claimants. ‘This proposed compensation is a gross undervaluation,’ principal Andy Birchfield said in a statement to Law.com.
September 20, 2024 at 06:42 PM
7 minute read
What You Need to Know
- On Friday, Johnson & Johnson also said it would file a motion to remove Beasley Allen from the talc plaintiffs’ steering committee for ‘additional misconduct.’
- The Chapter 11 filing represents the third attempt for Johnson & Johnson to resolve the talc litigation through the bankruptcy courts.
- Johnson & Johnson said about 83% of talc claimants supported the plan, far above the 75% threshold required.
Johnson & Johnson announced on Friday that its subsidiary would file a third Chapter 11 bankruptcy to resolve thousands of talcum powder lawsuits.
Nearly four months after first announcing a prepackaged bankruptcy plan that would pay $6.48 billion up front to talc claimants, Johnson & Johnson said the proposed settlement now would pay $8 billion paid over 25 years. Johnson & Johnson said about 83% of talc claimants supported the plan, far above the 75% threshold required.
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