J&J's talc bankruptcy case denied

A U.S. judge on Friday shot down Johnson & Johnson's?second attempt to resolve tens of thousands of lawsuits over its iconic Baby Powder and other talc products in bankruptcy, imperiling a proposed $8.9 billion settlement that would stop new lawsuits from being filed. U.S. Bankruptcy Judge Michael Kaplan in Trenton, New Jersey, ruled that a J&J subsidiary's second bankruptcy, like its first, must be dismissed because the talc lawsuits did not put it in immediate "financial distress." https://lnkd.in/eicsfK8U

?????? ???????? ???????? ???????? ????: ??&?? ???????? ???? ?????????? '??????????????????' ???????????? ?????????? ???????? ????????’?? ???? ?????????????????? ?? Last week, J&J lost its second bid to resolve around 60,000 claims via an $8.9 billion dollar bankruptcy. The ruling by Chief Judge Michael Kaplan was like a bucket of cold water for J&J's dreams of bankruptcy protection. No "imminent" financial distress, no escape route. The court "smells smoke, but does not see the fire," and slammed the door of chapter 11 right in J&J's face.?? But what many people may have missed is J&J’s immediate response to the ruling. ?? In an epic display of unwavering determination, J&J announced its plan to appeal the ruling, evade responsibility for decades of deceit, and go on the offensive. Here are the main points of its tenacious stance, based upon its press release: ?? The Third Circuit standard imposed by the court is nowhere to be found in the Bankruptcy Code, and it goes against everything the Supreme Court of the United States stands for. ?? J&J believes it has solid scientific evidence, research, and 40+ years of studies that supposedly support the safety of their cosmetic talc products. ?? The company plans on raising awareness about forum shopping, the distorted scientific literature with so-called "junk science," and the unregulated and surreptitious financing of product litigation by financial institutions, including private equity and sovereign wealth funds. ???? The company emphasizes that in the few cases that have gone to trial, it has prevailed in the overwhelming majority, and most claimants have received no compensation. Plaintiff’s attorneys say it's high time for J&J to step up and take responsibility for their actions. Enough with the bullying tactics and evasive “bogus” maneuvers. The victims deserve their day in court, not buried under bankruptcy shenanigans. ?? ?? Let's rally together to demand justice! Share this post and stand with the plaintiffs' attorneys fighting for truth, accountability, and the rights of the talc victims! ?? Check the link for the article in the COMMENTS below. ?? ??? ???? My name is Robert. ?? I am told my firm generates the most accurate, complete, and comprehensive intakes that lead to more filed cases on an intake-to-intake basis. Put me to the test! ????Juris Doctorate who clerked with a well-respected mass tort attorney serving on 5 Plaintiff Steering Committees and co-lead counsel of two. I know my stuff! Enjoy this post and want more? Ring the ?? on my Profile #legalissues #law #strategy #business #consultants #legalleads

I joined my firm in part to fight good fights and win them. I am thrilled to have played a small role in securing this outcome, which preserves the fundamental right to a jury trial for all current and future talc victims.

Good news for victims of corporate corruption! The New Jersey bankruptcy court denied Johnson & Johnson’s latest attempt to discharge asbestos/talc liabilities in bankruptcy. ICYMI, J&J tried the “Texas Two-Step.” This is a trick of corporate and bankruptcy law combined. Basically, companies have used it to give their liabilities to a freshly created “bad” company. Then immediately put that bad company through bankruptcy. J&J is obviously not facing insolvency. This Texas Two Step is a legal trick big companies use to massively underpay tort claims. It deprives those who got cancers from J&J’a asbestos-laden talc their right to a jury trial. Fortunately, the court dismissed J&J’s second attempt at this gambit. The court found bankruptcy was filed in “bad faith” because J&J’s newly created “bad” entity wasn’t facing imminent financial distress. After all, bankruptcy is for handling the fallout of financial distress. It’s not for allowing someone to get away with harming others. It’s so important that bankruptcy courts continue to view these gambits with skepticism. J&J has probably spent millions trying to get this bankruptcy trick to work. Do you think they’d do that if they weren’t going to save billions in the process? Of course not. The plan was designed to do one thing: screw thousands of people out of their right to have a jury decide their damages. If I were an executive at J&J, I’d be scared of juries too. What J&J did—knowingly poison millions and cover it up—was reprehensible. The costs of its misdeeds should be borne by J&J, not its victims.

Yesterday, for a second time U.S. Bankruptcy Judge Kaplan dismissed the Johnson & Johnson subsidiary LTL Management's Chapter 11 case due to "LTL’s lack of imminent and immediate financial distress." I have had the opportunity to be part of this litigation and work with incredible attorneys that made this all happen on behalf of our clients and other plaintiffs. Seeing people who have suffered for so long finally receive a bit of good news yesterday brought tears to my eyes. This is not the end and our attorneys and team still have a long battle ahead but for now we take this as a win!

Judge Michael Kaplan has ruled yesterday that J&J affiliate, LTL, is not eligible to file for bankruptcy because of a lack of financial distress. Appeals will likely be taken, stays sought and Plaintiffs will move for relief from the stay claiming hardship. The saga continues.

A lot of plaintiff’s firms will be gunning for J&J with this latest dismissal. Many other companies will get caught up in that wake. Being prepared for that onslaught is everything. Is your team prepared? #talc #litigation #J&J