Plaintiffs' Bar Irate That J&J's 'Stooge' Ch. 11 Moving Ahead

By Vince Sullivan (March 4, 2022, 12:03 PM EST) -- Many in the plaintiffs bar and its advocates say Johnson & Johnson set up a "stooge" talc subsidiary to serve as a "fall guy" in Chapter 11 and that a New Jersey bankruptcy judge's decision to greenlight the case deprives claimants of their right to a trial, a situation that can only be remedied with a legislative solution.

U.S. Bankruptcy Judge Michael B. Kaplan denied motions to dismiss the Chapter 11 case of LTL Management on Feb. 25, finding the so-called Texas two-step strategy — where a solvent company undergoes a divisive merger and emerges as two new entities — used by...

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