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

Wednesday's proposed plan immediately got pushback from lawyers representing ovarian cancer victims: "This is not a done deal," Beasley Allen's Andy Birchfield told Law.com. "There is substantial opposition to this."

May 01, 2024 at 02:45 PM

5 minute read

Bankruptcy

By Amanda Bronstad
staff reporter

The original version of this story was published on Law.com

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.

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