Pro Say: Using Bankruptcy To Duck Mass Torts Is Now Harder

Law360 (February 3, 2023, 8:02 PM EST) -- This week, the Third Circuit ruled that Johnson & Johnson can't use the controversial "Texas two-step" maneuver to spin off the billions of dollars in talc liability it's facing. The appellate court held that the talc unit's bankruptcy should have been tossed because the company is clearly not in financial distress and the bankruptcy petition wasn't filed in good faith. ...

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