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The appellate court dismissed the chapter 11 bankruptcy filed by the subsidiary entity J&J created to assume the mounting talc liabilities. J&J’s stock dropped 3% on the news. This is a major win for plaintiffs that will have far-reaching implications for other mass torts.
If you are a plaintiff in the talc litigation, this ruling means you are more likely to get more money and faster.
J&J has raised eyebrows selling talc products internationally but discontinuing distribution in the U.S. and Canada. Now any remaining baby powder products will be transitioned from talcum to cornstarch by 2023.
The announcement comes as J&J continues its effort to force a resolution of thousands of talcum powder cancer lawsuits in bankruptcy. The Third Circuit Court of Appeals is set to decide an appeal later this year that will determine whether J&J can continue with this approach.
This is a major hearing that has implications not only for the talcum powder class action lawsuit but every MDL mass tort in the country. The outcome of this appeal has taken on additional significance as 3M recently implemented a similar strategy to handle the 3M earplug class action in bankruptcy.
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