FILE PHOTO: Bottles of Johnson & Johnson baby powder line a drugstore shelf in New York -Johnson & Johnson on Thursday put into bankruptcy tens of thousands of legal claims alleging its Baby Powder and other talc-based products caused cancer, offloading the potential liabilities into a newly created subsidiary.
J&J executed Thursday's corporate reshuffling through a contentious legal maneuver known as a Texas two-step bankruptcy, a strategy other companies facing asbestos litigation have used. The company's costs defending nearly 40,000 cases have approached $1 billion, according to bankruptcy-court filings Thursday. Settlements and verdicts have cost J&J about $3.5 billion more.
Plaintiffs' lawyers decried the bankruptcy filing. J&J's "bankruptcy gimmick is as despicable as it is brazen" and "an unconscionable abuse of the legal system," said Linda Lipsen, chief executive of the American Association for Justice, a trial lawyers' group, in a statement.J&J said it would fund LTL's legal costs for talc cases in an amount later determined by a bankruptcy judge, with an initial advance of $2 billion.
In the weeks leading up to Thursday’s bankruptcy filing, lawyers representing women with cancer claims asked multiple judges to forbid J&J from executing such a maneuver, only to be turned down.
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