Third Circuit Court of Appeals Dismisses Johnson & Johnson Affiliate’s Chapter 11 Bankruptcy Case, Highlights Impact on Future Filings
Philadelphia, PA – The Third Circuit Court of Appeals issued a landmark ruling today, dismissing a Chapter 11 bankruptcy case filed by Johnson & Johnson affiliate LTL Management LLC. This decision is expected to have far-reaching implications for future bankruptcy filings of a similar nature. The bankruptcy case stemmed from a multi-step divisional merger conducted under Texas law. Following the merger, LTL became responsible for J&J’s talc liabilities, but did not possess any operating assets. In October 2021, LTL filed for Chapter 11 bankruptcy and sought an injunction from the bankruptcy court to protect J&J … Read more