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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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