Consumer
J&J Sets Up 3rd Talc Bankruptcy Bid by Moving Unit to Texas
- J&J seeks LTL move as it readies likely new Chapter 11 filing
- Company is trying to resolve more than 50,000 cancer lawsuits
Johnson & Johnson is seeking to move a unit to Texas as it prepares for a potential third bankruptcy court filing to resolve more than 50,000 lawsuits alleging tainted talc in its baby powder caused cancer.
The company filed a request last month with the Texas secretary of state’s office to relocate its LTL Management unit to Austin and rename it ahead of a Chapter 11 filing in the state, according to the Dec. 19 filing and people familiar with the plan.