What You Need to Know
- Johnson & Johnson said the plan could garner the support of more than 75% of talc victims and, if approved, would resolve 99.75% of all pending talc lawsuits.
- Unlike Johnson & Johnson's prior bankruptcies, talc claimants would have three months to consider the plan, which excludes cases brought by victims of mesothelioma.
- The announcement comes after a federal judge in the talc multidistrict litigation set the first bellwether trial for Dec. 3.
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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