As reported in Reuters news service, Johnson & Johnson (JNJ.N) can use the bankruptcy system to resolve multibillion-dollar litigation claiming its talc products cause cancer, a U.S. judge ruled on Friday, February 25, signing off on a legal maneuver that enables the company to avoid fighting more than 38,000 individual lawsuits.
J&J used a strategy known as the “Texas two-step,” which allows companies to split valuable assets from liabilities through a so-called divisive merger. In October, J&J, which maintains its talc products are safe, put the claims into a newly created entity called LTL Management LLC, which filed for bankruptcy days later.
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