Johnson & Johnson's renewed effort to resolve talc lawsuits through an $8.9 billion bankruptcy settlement must be dismissed as a 'fraudulent scheme' that defies a court order rejecting the company's previous attempt to settle the litigation, according to a court filing from lawyers representing cancer victims.
Johnson & Johnson company offices are shown in Irvine, California, U.S., October 14, 2020. REUTERS/Mike Blake/File PhotoApril 10 - Johnson & Johnson's renewed effort to resolve talc lawsuits through an $8.9 billion bankruptcy settlement must be dismissed as a "fraudulent scheme" that defies a court order rejecting the company's previous attempt to settle the litigation, according to a court filing from lawyers representing cancer victims.
They said the company had fraudulently transferred $50 billion in assets away from LTL to get around a ruling from the 3rd U.S. Circuit Court of Appeals that it was not in sufficient "financial distress" to qualify for bankruptcy. J&J said that 70,000 claimants had signed up to support its new $8.9 billion settlement plan, but it is not clear whether the company will reach the 75% support it needs to get its settlement approved in bankruptcy court.
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