Johnson's baby talcum powder on a supermarket shelf. Credit: Muhamad Norairin Ngateni/Shutterstock Johnson & Johnson's Bankruptcy Filing Draws Ire of Plaintiffs Bar, Petitions From Pa. Firms
Thursday's filing in U.S. Bankruptcy Court in North Carolina's Western District lists the top 30 plaintiffs firms with talc claims against Johnson & Johnson. Some called the filing a "fraudulent abuse of the bankruptcy system" and "corporate fraud."
October 15, 2021 at 05:02 PM
6 minute read
The original version of this story was published on Law.com
A bankruptcy filing allows Johnson & Johnson to shift legal liability over its talc-based baby powder into a potential $2 billion compensation program for cancer victims, but not without a big fight from the plaintiffs bar.
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Michael G. Bongiorno, Andrew Scott Dulberg and Elizabeth E. Driscoll from Wilmer Cutler Pickering Hale and Dorr have stepped in to represent Symbotic Inc., an A.I.-enabled technology platform that focuses on increasing supply chain efficiency, and other defendants in a pending shareholder derivative lawsuit. The case, filed Oct. 2 in Massachusetts District Court by the Brown Law Firm on behalf of Stephen Austen, accuses certain officers and directors of misleading investors in regard to Symbotic's potential for margin growth by failing to disclose that the company was not equipped to timely deploy its systems or manage expenses through project delays. The case, assigned to U.S. District Judge Nathaniel M. Gorton, is 1:24-cv-12522, Austen v. Cohen et al.
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