J&J talc victim group seeking $30B in fraudulent conveyance complaint

• A large group of plaintiffs that have sued Johnson & Johnson (J&J) related to talc claims have filed a motion in a federal bankruptcy court seeking standing to bring a $30B fraudulent conveyance complaint.
• The complaint is directed against LTL Management, a unit specifically set up by the healthcare giant to handle the claims by filing for bankruptcy.
• The group, the Official Committee of Talc Claimants, already has a standing motion that argues that if LTL is successful in demonstrating it is in financial distress, "it intentionally manufactured that distress by giving up contractual rights against its parent, Johnson & Johnson (NYSE:JNJ), worth billions of dollars."
• The new complaint seeks to void and recover that transfer for the benefit of all talc claimants, because "LTL is incapable of acting contrary to J&J's (JNJ) demands."
• A hearing on the motion is scheduled for June 7 in Trenton, N.J.

More on J&J and talc litigation

• J&J talc bankruptcy judge pushes both sides into settlement talks

• J&J talc bankruptcy plan comes under scrutiny of Justice Dept. arm