Johnson & Johnson Launches $6.48B Bankruptcy Plan to Resolve Talc Lawsuits

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.

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