Appeals court tosses J&J's controversial 'Texas two-step' bankruptcy case

Appeals court tosses J&J's controversial 'Texas two-step' bankruptcy case

Source: 
Endpoints
News Tags: 
snippet: 

A US appeals court has ruled against Johnson & Johnson’s use of bankruptcy to deal with mounting talc lawsuits, deciding that doing so would “create a legal blind spot.”

The Third Circuit Court of Appeals reversed a previous bankruptcy court decision on Monday, calling for the dismissal of a Chapter 11 filing by J&J’s subsidiary LTL Management.