Senators Hear Possible Solutions To 'Texas Two-Step' Issues
By Vince Sullivan (February 8, 2022, 8:24 PM EST) -- A subcommittee of the Senate Judiciary Committee on Tuesday heard from bankruptcy experts and those affected directly by mass tort Chapter 11 cases about their concerns over the corporate machinations that allow some large corporations to avoid liability over asbestos exposure and how those concerns can be resolved through a range of possible solutions.
During a hearing of the Subcommittee on Federal Courts, Oversight, Agency Action and Federal Rights, the discussion focused on the so-called "Texas two-step" strategy that has recently been deployed by Johnson & Johnson to wall off its billions of dollars in asbestos liability within a new subsidiary...
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