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What plaintiffs can do if J&J succeeds in its bankruptcy strategy

By Mark Herras
September 24, 2021
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By Edward Neiger (September 24, 2021, 5:20 p.m. EDT) – There are more than 35,000 claims open in federal court linking Johnson & Johnson’s talc-containing powders to ovarian cancer and mesothelioma. In light of this litigation, it has been reported that Johnson & Johnson are considering a bankruptcy maneuver known as “Two-Step Texas”.[1]

The strategy explored by J&J is known as a “separative merger” and it was used when a company with massive tort liability splits into two companies and allocates assets and liabilities as it sees fit between the two successor entities. . One of the newly formed units, here called Newco, will hold all the liabilities …

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