J&J unit files for second bankruptcy to pursue $8.9 billion talc … – Reuters

April 4 (Reuters) – Johnson & Johnson (JNJ.N) has agreed to pay $8.9 billion to settle tens of thousands of lawsuits alleging that talc in its iconic Baby Powder and other products caused cancer, the company said. The amount dwarfs J&Js original offer of $2 billion.

The agreement follows a January appeals court ruling invalidating J&Js controversial Texas two-step bankruptcy maneuver, in which it sought to offload the talc liability onto a subsidiary that immediately filed for Chapter 11.

The J&J subsidiary, LTL Management, filed for bankruptcy protection late Tuesday for a second time with the intent to present a reorganization plan containing the proposed settlement to a judge as soon as May 14, t…

Read the full article at: https://www.reuters.com/legal/jj-unit-goes-bankrupt-second-time-pursue-89-bln-talc-settlement-2023-04-04/