J&J reorganization overview:
- Who: Johnson & Johnson proposed a $6.5 billion plan to settle claims regarding its talc-based powder.
- Why: The settlement benefits consumers who claim the talc caused ovarian cancer.
- Where: The J&J reorganization is in front of bankruptcy court in New Jersey.
Johnson & Johnson (J&J) proposed a $6.5 billion plan to settle claims regarding its talc-based powder in a third attempt to reorganize the company through bankruptcy.
The J&J reorganization plan requires a supermajority of at least 75% of the ovarian cancer claimants to agree to the deal. The talc cancer settlement would pay $6.5 billion over 25 years to resolve 99.75% of all pending talc lawsuits while putting LTL Management into bankruptcy, Law360 reports.
The deal is a “far better recovery than what claimants stand to recover at trial,” Law 360 says Erik Haas, J&J worldwide vice president of litigation, stated in an investor call.
J&J has won 95% of the cases that have reached trial but, at the current rate, it would take decades for all of the cases to be heard, Haas reportedly said. That means many of the cases would never reach court.
Claimants have 3 months to vote on plan, which Beasley Allen opposes
Claimants have three months to vote to approve the plan.
“Let the claimants vote and decide whether this is in their best interests,” Haas said, according to Law360. “We never got there because of a very small vocal contingent of plaintiffs lawyers who prevented that vote from happening.”
Haas said the Beasley Allen Law Firm, which represents the plaintiffs, is the main opposition to the plan, Law360 reports.
“We believe any bankruptcy based on this solicitation and vote will be found fraudulent and filed in bad faith under the Bankruptcy Code,” Andy Birchfield of Beasley Allen reportedly told Law360. “On behalf of our clients who deserve better, we are blowing the whistle on this cynical legal tactic and will resist it at every turn.”
Johnson & Johnson agreed to pay $700 million in January to settle investigations from 42 states and the District of Columbia into whether the company misled customers with the marketing of its talc products.
Did you use Johnson & Johnson talc powder? Let us know in the comments.
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5 thoughts onJ&J proposes $6.5B payout, reorganization to resolve talc cancer claims
I want to be added!!! I used this for many many years. I Don’t have cancer now at least not that I know of PRAISE GOD but can’t rule it out in the future. If those who have cancer now take a settlement and I happen to get cancer from this in the future can I still sue for damages/ injury?
I grew up using their product & in Highschool started having painful pelvic pain & told there was nothing wrong. I struggled for many years as it gradually got worse. It wasn’t until I was pregnant with my son and at 3 1/2 months I looked like I was ready to give birth. I was in so much pain and finally sent to have tests ran in KC MO. That’s when I found out I had endometriosis, fibroid tumors and cysts… the endometriosis grew on the outside spreading to my bladder. It was horrible but I finally had some answers. When I got pregnant with my daughter the pain intensified and shortly after having her I went in for a scope surgery. When I woke up I knew it wasn’t good news. I said I have to have the hysterectomy don’t I? I’ll never forget hearing “It’s already done.” I was devastated and thought I would get to discuss it first if I needed it done. It was only a partial hysterectomy but I had to go back in and have everything removed because they was afraid I was going to have cancer due to all the issues I had for so long. I wanted another baby so to say the least I was devastated and for a long time after I carried such resentment to the Dr that did the surgery when it looks like it is J&J I should’ve had the issue with. Since they removed everything idk if I would qualify but it sure seems like I should. Especially since I just lost my Mom to cancer and she battled for years. Cervical, ovarian & colon cancer before she passed away. This company NEEDS STOPPED! They have avoided and denied and still won’t actually take accountability! My Mom & I and MANY OTHER UNSUSPECTING PEOPLE DESERVE THAT! I STILL HAVE THE 3 bottles I immediately removed from my Moms hall closet!!! I couldn’t believe she hadn’t even heard about the lawsuit… I BLAME THEM FOR MY MOM HAVING TO GO THRU WHAT SHE DID!!! She became skin & bones before she passed on. Barely weighing 68 lbs! My life will never be the same and this company is worried about its IMAGE!?! What about my Moms image!?! Watching her & caring for her over the last 3 yrs of her life… was THE HARDEST THING IVE EVER DONE… I’d give anything to have just 1 more day with her… 😔
I used for many years I developed colon carcinogen twice now they cut it out but comes back again please add me if I qualify thank you
I have used it for all of my adult life add me also
I have used it most of my life add me also