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A U.S. appeals court ended Johnson & Johnson’s attempt to get out of paying recompense for lawsuits related to their talc products. It was found that Johnson & Johnson was not in financial distress despite fraudulently filing bankruptcy in a move known as the Texas Two Step.
The U.S. 3rd Circuit Court of Appeals in Philadelphia dismissed their Chapter 11 petition which they had filed to address more than 38,000 lawsuits from plaintiffs.
Several major companies, like Johnson & Johnson have fraudulently turned to bankruptcy court to shield them from their mass tort liabilities. The U.S. 3rd Circuit Court found that Johnson & Johnsons filing was not in good faith.
For several years. Johnson & Johnson has been facing lawsuits related to its baby powder products. This prompted the company to consider a bankruptcy filing in order to get out of having to pay consumers who were injured by their products.
If you have been injured by any Johnson & Johnson product, do not hesitate to contact us today.