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Johnson & Johnson blocked from using bankruptcy to resolve talcum powder lawsuits
Ruling from US appeals court casts doubt on future of contentious ‘Texas two-step’ manoeuvre
Jamie Smyth in New York January 30 2023
Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.
A US appeals court has dismissed a bankruptcy petition filed by a unit of Johnson & Johnson, upending the healthcare company’s attempt to resolve billions of dollars of legal claims from customers alleging its talcum powder caused cancer.
The Third US Circuit Court of Appeals on Monday said it had dismissed a bankruptcy filing from J&J’s subsidiary LTL management, preventing it from shifting thousands of legal claims out of trial courts and into the bankruptcy system.
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https://www.ft.com/content/aa0c99fc-8730-49e0-9460-e41f5f37cd5f