What Plaintiffs Can Do When J&J Is Successful With Their Bankruptcy Strategy

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By Edward Neiger (Sep 24, 2021 5:20 p.m. EDT) – There are over 35,000 pending lawsuits in federal court linking Johnson & Johnson talc-containing powders to ovarian cancer and mesothelioma. In light of this litigation, Johnson & Johnson is reported to be considering a bankruptcy maneuver known as the “Texas Two-Step”.[1]

The strategy J&J investigated is known as a “divisive merger” and was used when a company with massive illicit liabilities splits into two companies and divides the assets and liabilities between the two successor companies at will. One of the newly established units, here called Newco, will hold all liabilities …

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