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Outcome of claimants' vote on Johnson & Johnson's $6.48 billion settlement proposal by end of 2024
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Resolution / Starting Odds
Approved with over 75% votes • 25%
Approved with 50-75% votes • 25%
Approved with less than 50% votes • 25%
Rejected • 25%
Official court filings and announcements from Johnson & Johnson
Story
Johnson & Johnson's Third 'Texas Two-Step' Bankruptcy for Talc Lawsuits Faces IARC Carcinogen Claim, Needs 75% Approval
Jul 8, 2024, 01:07 PM
Johnson & Johnson is making a third attempt to use a 'Texas two-step' bankruptcy strategy to resolve tens of thousands of lawsuits alleging its Baby Powder and other talc products caused cancer. The company maintains its talc is safe, asbestos-free, and does not cause cancer. Johnson & Johnson has proposed a $6.48 billion settlement, which is described as one of the largest in the history of tort litigation. The company needs the votes of 75% of claimants before a subsidiary can ask a bankruptcy judge to enforce the settlement. The International Agency for Research on Cancer (IARC) recently concluded that talc is 'probably carcinogenic' to humans. Johnson & Johnson's lead settlement attorney, Jim Murdica, accused opposing attorneys of escalating settlement talks with overheated rhetoric. The company's stock was down 0.2% pre-market on July 8. Johnson & Johnson is leveraging Chapter 11 bankruptcy for a global settlement.
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Less than 50% • 25%
50% to 74% • 25%
75% to 89% • 25%
90% or more • 25%
Yes • 50%
No • 50%
Approved • 33%
Rejected • 33%
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Other • 25%
Settlement accepted by all plaintiffs • 25%
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Rejected • 25%
Modified • 25%
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Yes • 50%
No • 50%
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75% to 90% • 25%
More than 90% • 25%