Johnson & Johnson’s $9 Billion Bankruptcy Plan to Settle Talc Lawsuits Dismissed by Court, Company Shifts Focus Back to Litigation
HOUSTON — A U.S. Bankruptcy Court has dismissed Johnson & Johnson’s recent attempt to settle thousands of lawsuits related to its talc baby powder. The ruling comes as a blow to the company, which had sought to resolve cancer claims with a proposed $9 billion package, potentially one of the largest mass tort settlements in history. Judge Christopher Lopez found that Johnson & Johnson, along with its subsidiary Red River Talc, improperly solicited votes when attempting to secure support from 75% of claimants for the settlement. This led to the invalidation of most of the … Read more