Seventy-Five Percent Of Talcum Powder Claimants Must Approve J & Js Second Attempt At A Bankruptcy Settlement

Talcum Powder Lawyers must register the decision of those they represent who intend to file a talcum powder lawsuit

Tuesday, April 25, 2023 - Johnson & Johnson has refiled their request to allow their talcum powder spin-off company LTL management to enter into bankruptcy and shield the parent company from legal liabilities. The offer has been met with stiff resistance from all 14 members of the talcum powder cancer multi-district litigation (MDL) steering committee who have said the deal is fraudulent and would under-compensate talcum powder cancer victims and their survivors. FiercePharma.com explains, "Late last week, a plaintiff's steering committee guiding the multi-district litigation said in a release that J&J's proposal was far from adequate. The 14-person board--made up of lawyers from companies who represent the talc plaintiffs--said it was unanimous in its rejection of J&J's offer. " New Jersey bankruptcy judge Michael Kaplan has delayed the start of talcum powder trials but is allowing new talcum powder cancer lawsuits to be filed. Judge Kaplan originally allowed LTL management to enter into bankruptcy protection thinking that the bankruptcy court was the best chance for the qualifying 38,000 ovarian cancer and mesothelioma plaintiffs to get adequate compensation. Many agree with Judge Kaplan because the courts are incapable of handling such a large number of lawsuits one by one.

J & J's LTL Management bankruptcy was overturned recently on appeal as being an abuse of the bankruptcy system. The refilling increased the settlement amount to $9 billion from $2 billion and many talcum powder cancer lawyers now approve of the deal. One talcum powder attorney acknowledged that although there are 38,000 filed lawsuits, the number of actual claims could be far greater. According to Reuters, " (One prominent talcum powder cancer lawyer) who represents 21,000 talc claimants and supports J&J's settlement offer, said that it is not unusual for law firms to represent many clients whose cases have not been filed. That's especially true in J&J's case because a bankruptcy judge halted all new talc lawsuits after J&J's subsidiary filed for Chapter 11 in 2021." Talc claimants could approach one-half a million persons nationwide. Whether or not Johnson & Johnson's second attempt at a bankruptcy settlement is approved will fall on the level of support from the talc claimants, not just the lawsuits that have been filed. LTL Management must obtain agreement from 75% of talc claimants for a judge to approve its bankruptcy settlement according to lawyers speaking to Reuters. " Two plaintiffs' lawyers supporting J&J's proposed settlement acknowledged to Reuters that their clients had not yet decided whether to approve the agreement. Mikal Watts and Adam Pulaski, who said they represent 15,000 and 6,000 claimants, respectively, told Reuters they planned to recommend their clients take the deal. The ultimate level of support will be crucial, as LTL Management must obtain agreement from 75% of talc claimants for a judge to approve its bankruptcy settlement. That threshold is the one required in asbestos-related bankruptcies, a higher bar than in most traditional court restructurings."

Information provided by TalcumPowderCancerLawsuit.com, a website devoted to providing news about talcum powder ovarian cancer lawsuits, as well as medical research and findings.