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Johnson & Johnson (J&J) have attempted, for the second time, to resolve talc lawsuits by having and subsidiary file for Chapter 11. This fraud is “designed to deny plaintiffs just compensation.”
J&J defied a January appeals court rejection of their first attempt to settle the litigation. The subsidiary refiled for Chapter 11 two hours after their first bankruptcy attempt was dismissed in court. Some lawyers called the unlawful abuse of Chapter 11 by J&J as the “largest intentional fraudulent transfer in United States history.”
J&J’s first attempt at fraudulently filing for Chapter 11 is known as the Texas Two Step.
The 3rd U.S. Circuit Court of Appeals in Philadelphia shot down the two-step tactic on the grounds that J&J’s subsidiary had no legitimate claim to bankruptcy protection because it was not in financial distress.