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Johnson & Johnson unit loses bid to stay in bankruptcy during Supreme Court appeal
Johnson & Johnson unit loses bid to stay in bankruptcy during Supreme Court appeal By Reuters
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(C) Reuters. FILE PHOTO: The Johnson & Johnson logo is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., May 29, 2019. REUTERS/Brendan McDermid
By Dietrich Knauth
(Reuters) -A U.S. court on Friday declined to delay the dismissal of a Johnson & Johnson (NYSE:JNJ) company’s bankruptcy, directing the bankruptcy to be dismissed despite a planned U.S. Supreme Court appeal that could revive the company’s effort to resolve tens of thousands of lawsuits over its talc products in bankruptcy.
J&J sought to use the bankruptcy of its subsidiary company, LTL Management, to halt more than 38,000 lawsuits alleging the company’s Baby Powder and other talc products are contaminated with asbestos. J&J maintains its consumer talc products are safe and asbestos-free.
The bankruptcy strategy stumbled in January, when the 3rd U.S. Circuit Court of Appeals based in Philadelphia ruled that LTL’s bankruptcy should be dismissed because neither LTL nor J&J had a legitimate need for bankruptcy protection because they were not in “financial distress.”
LTL asked the 3rd Circuit to delay its ruling from taking effect until the company has time to pursue an appeal to the U.S. Supreme Court. The 3rd Circuit denied that request in a brief written order Friday, instead directing the a U.S. bankruptcy judge to close LTL’s bankruptcy case.
Johnson & Johnson unit loses bid to stay in bankruptcy during Supreme Court appeal
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