Johnson & Johnson announced plans for a subsidiary to file a third bankruptcy to resolve thousands of talcum powder lawsuits as part of a “prepackaged” reorganization plan that would provide nearly $6.48 billion to cancer victims.
In Wednesday’s announcement, Johnson & Johnson said its proposed bankruptcy plan could garner the support of more than 75% of talc victims, noting various differences from two prior Chapter 11 cases that judges dismissed last year. Johnson & Johnson said its plan, if approved, would resolve 99.75% of all pending talc lawsuits.