Johnson & Johnson offices in New Brunswick, New Jersey. (Credit: Askar/Adobe Stock) Plaintiffs Move to Prevent Johnson & Johnson's Plans in 3rd Talc Bankruptcy
Lawyers for talc claimants filed a motion on Tuesday to prevent a planned third J&J bankruptcy from being filed outside New Jersey, where two prior Chapter 11 cases were dismissed.
June 12, 2024 at 05:17 PM
6 minute read
Bankruptcy
What You Need to Know
- The motion for a temporary restraining order and preliminary injunction comes in a class action that accused J&J of depriving cancer victims of compensation through multiple fraudulent transfers, such as the 'Texas two-step.'
- The move comes as J&J is drumming up support, specifically, 75% of talc claimants, for a July 26 vote on its plan, which has an estimated present value of $6.48 billion.
- J&J criticized the 'small group of plaintiff law firms' behind Tuesday's 'meritless pleading.'
Plaintiffs lawyers in the talcum powder litigation escalated their attack on Johnson & Johnson, moving on Tuesday to prevent a planned third bankruptcy from being filed outside New Jersey, where two prior Chapter 11 cases were dismissed.
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