Johnson & Johnson made headlines when it announced its subsidiary, LTL Management, would re-file for bankruptcy as part of a plan that includes an $8.9 billion proposed resolution plan to resolve the Talcum Powder litigation. The announcement came just over two hours after LTL’s first bankruptcy filing was dismissed pursuant to the Third Circuit Court of Appeal’s ruling that the company was not in financial distress and cannot resolve its liabilities through the bankruptcy system.
Below are answers to commonly asked questions we have heard from our clients.
Is There A Talcum Powder Settlement?
The Talcum Powder litigation has been stayed as J&J tries once again to resolve its Talcum Powder liabilities through the bankruptcy process. The $8.9 billion deal announced is not a settlement. Rather, it is J&J’s proposed plan to fund up to $8.9 billion to resolve all current and future Talcum Powder-related liabilities over the next 25 years. The plan is subject to approval of 75 percent of Talcum Powder claimants.
The Minnesota Talcum Powder Attorneys at GoldenbergLaw have been representing women who have been injured by J&J’s Talcum Powder since 2014. Regardless of whether J&J’s proposed resolution plan succeeds, will continue to fight to ensure these women obtain justice. If you or a loved one has been diagnosed with ovarian cancer after using Talcum Powder, contact GoldenbergLaw today for a free Talcum Powder lawsuit consultation.
Is The Proposed Resolution Plan A Good Deal?
Based off the information available at this time, the proposed resolution plan would be a far better deal for J&J than for Talcum Powder claimants. The average medical expenses and economic loss incurred by women diagnosed with Ovarian Cancer is significant and increases dramatically for women who died or needed extensive chemotherapy. Members of the Talc Claimants Committee that led the opposition to LTL’s previous bankruptcy have called the new filing “an abuse of the bankruptcy system” and do not support the proposed resolution plan.
Will Talcum Powder Claimants Approve The Proposed Resolution Plan?
Media reports claim that there are over 60,000 claimants supporting the proposed plan. However, we have no way of substantiating the accuracy of that claim. There are approximately 38,000 cases filed in the New Jersey Multi-District Litigation (MDL) and thousands of cases filed in state court venues.
How Much Is A Talcum Powder Case Worth Under The Proposed Resolution Plan?
The proposed plan does not specify per-case values. No information has been provided about the value of individual Talcum Powder cases under this proposed plan. If the plan is approved by 75 percent of Talcum Powder claimants, it is unlikely that information will be available for many months, if not years. The proposed $8.9 billion resolution plan would resolve ovarian cancer cases, mesothelioma cases, and cases brought by state Attorneys General.
What Are The Next Steps For The Proposed Resolution Plan?
The bankruptcy court held its first hearing on LTL’s new bankruptcy filing on April 11. The hearing consisted mainly of opening arguments from counsel for LTL Management, various Plaintiffs’ attorneys, and other interested parties. Judge Michael Kaplan, who oversaw LTL’s first bankruptcy filing, has also been assigned to LTL’s latest filing. On April 18, Judge Kaplan also heard oral argument on the Temporary Restraining Order (TRO) and stay of the litigation. The U.S. Trustee is in the process of moving to appoint a new Talc Claimants Committee to represent the talc claimants for the remainder of these bankruptcy proceedings. An ad hoc committee of plaintiffs’ counsel who support the proposed resolution plan is also being formed.
Can I Still File a Talcum Powder Lawsuit?
For now, the bankruptcy court has issued a TRO that forbids claimants from filing a Talcum Powder lawsuit against LTL or any other J&J entity as the new bankruptcy filing proceeds through the court system. However, GoldenbergLaw continues to investigate new Talcum Powder cases and will do so for the foreseeable future. Even if J&J’s proposed resolution plan succeeds, there will be money allocated for future claims. Sadly, many women will continue to be diagnosed with ovarian cancer for years to come due to J&J’s negligence.
Call our Talcum Powder Lawyers today at 1-800-903-1643 for a free Talcum Powder lawsuit consultation.