Ch. 11 For J&J Talc Unit Only Wise Choice, Top Lawyer Says

By Vince Sullivan (February 15, 2022, 10:09 PM EST) -- The chief legal officer of Johnson & Johnson's bankrupt talc unit testified Tuesday in New Jersey bankruptcy court that the company was being inundated with new ovarian cancer and mesothelioma lawsuits at a rate of one per hour all day, every day in 2020, and that filing a Chapter 11 case for a newly created subsidiary was the only rational way to deal with the mounting liability.

If Johnson & Johnson were to fight all 38,000 talc claims at trial, the company would incur as much as $190 billion just in legal expenses, the chief legal officer of J&J's talc unit...

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