J&J spinout files second bankruptcy attempt in $8.9B bid to settle talc lawsuits
A J&J spinout filed for bankruptcy a second time yesterday, agreeing to pay $8.9 billion to settle tens of thousands of talc lawsuits.
The move comes after a bankruptcy judge on Tuesday dismissed a first attempt by the company, called LTL Management, to use bankruptcy as a way of settling talc lawsuits. The new proposal represents an increase of billions of dollars compared with its earlier $2 billion proposal. The J&J spinout said the new settlement plan has the support of “various plaintiff law firms and thousands of claimants.”
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