An appeals court on Monday dismissed the Chapter 11 bankruptcy petition of J&J's talc subsidiary, which the company formed to resolve thousands of lawsuits.
J&J maintains that its talc-based products are safe and do not cause cancer, but has said it moved the 38,000-plus claims against it into the LLC as a way to handle the cases more efficiently than through individual trials.
But the three-judge panel agreed unanimously with claimants who called for the bankruptcy to be dismissed over allegations that it was "not filed in good faith.""We start, and stay, with good faith. Good intentions—such as to protect the J&J brand or comprehensively resolve litigation—do not suffice alone," the court wrote in its opinion. "What counts to access the Bankruptcy Code’s safe harbor is to meet its intended purposes.
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