Johnson & Johnson hopes to put the talc scandal to bed with third bankruptcy filing
THE WHAT? Will it be third time lucky for Johnson & Johnson in its attempt to settle multiple lawsuits that challenge the safety of its talc-based baby powder. The US health care manufacturer’s proposed US$6.475 billion settlement is said to be close to a resolution.
THE DETAILS According to a report published by 7 New Boston, Johnson & Johnson subsidiary LTL Manage3ment has filed for bankruptcy for a third time, and will begin a three-month voting period in a bid to reach a settlement on all current and future talc cases.
THE WHY? Johnson & Johnson is said to have gained the support of the majority of representatives for plaintiffs in the claims and is confident it will hit the 75 percent support threshold required for the bankruptcy deal to be approved.
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