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U.S. Court of Appeals for 3rd Circuit latest to reject unprecedented bankruptcy strategy
Lawyers on behalf of tens of thousands of ovarian cancer victims are calling on Johnson & Johnson (NYSE:JNJ) to end its "war of attrition against cancer victims."
"The third time will not be the charm for J&J," says Andy Birchfield, head of the Mass Torts Litigation Section at the Beasley Allen Law Firm, who has been instrumental in helping to foil the first two attempts at bankruptcy by the half-trillion-dollar company. "Recent developments in the courts and in Congress should convince J&J to abandon its strategy and act as a responsible corporation by providing truly fair and reasonable compensation in a non-coercive resolution."
On Thursday, the U.S. Court of Appeals for the 3rd Circuit reinforced an earlier ruling that J&J could not stash its talc liabilities in a shell subsidiary and then plunge it into bankruptcy to stymie thousands of lawsuits alleging that its talc products caused ovarian cancer and mesothelioma. The court found the bankruptcy was filed in bad faith because the subsidiary, LTL Management, LLC, was not in financial distress.
Earlier this week, a bipartisan group of congressional lawmakers led by Sen. Josh Hawley (R-MO) and Sen. Sheldon Whitehouse (D-RI) introduced legislation to ban the Texas Two-Step. The Ending Corporate Bankruptcy Abuse Act (ECBA) of 2024 would deter the Texas Two-Step and ensure injury victims have a chance to be heard in court. The ECBA would instruct courts to presume a bankruptcy has been filed in bad faith if it is a Texas Two-Step bankruptcy.
Posted In: JNJ
