J&J talc bankruptcy unit to establish $750M trust fund with insurers
Justin Sullivan/Getty Images News
- A unit formed by Johnson & Johnson (NYSE:JNJ) specifically to handle claims from individuals who say the company's talc products harmed them will set up a $750M trust fund with insurers to pay for medical liens.
- The deal involving LTL Management, the J&J (JNJ) bankruptcy unit, was achieved through mediation.
- It was brokered, Bloomberg reported, with Kris Hansen, a lawyer representing many plaintiffs' law firms that agrees with LTL's present offer to settle all outstanding and future talc litigation for $8.9B.
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Comments (6)
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r
rammbler65
Yesterday, 7:55 PM
A shakedown by the extortion racket known as our civil legal system
J
Jjonestrader
Yesterday, 7:50 PM
Money over everything I guess
m
mmt59
Yesterday, 7:14 PM
This 750 million is just the beginning down payment of the original 8.9B Johnson and Johnson has offered to settle all the outstanding and future talc litigation claims. LTL Management Bankruptcy Unit, the result of mediation, will speed these claims and payments much faster than the traditional court system. Better for claimants, as many would never live long enough to see a settlement otherwise. Many of these claims will be reduced considerably, and some thrown out, because they lack legitimate basis and proof of injury, for damages to be paid. J&J will also benefit from this mediation litigation solution. Still, this is just the one of the many reasons healthcare costs are rising yearly, as big pharma is targeted for these massive liability settlements! The longer these cases are drawn out the more fees the claimant attorney's will collect! Never enough money for these ambulance chasers!
S
Skezo
Yesterday, 7:25 PM
@mmt59
Better than MMM earplug lawsuit.US gov - "we need earplugs for soldiers"Aearo - hey these meet your specs. US gov buys and supplies them to soldiers.3M later bought said company for 1 billion and now lawyers are looking for 5-10 billion because MMM has more money and good luck suing federal government.
Better than MMM earplug lawsuit.US gov - "we need earplugs for soldiers"Aearo - hey these meet your specs. US gov buys and supplies them to soldiers.3M later bought said company for 1 billion and now lawyers are looking for 5-10 billion because MMM has more money and good luck suing federal government.
S
SUE2
Yesterday, 7:00 PM
First of all I confess that I am a stock holder on JNJ. My OPINION is that none of this makes any sense but it does confirm my OPINION of our legal system.
A class action suit. There were attorney television ads. Join our class action suit.
WHY? The contract with the attorney on a class action suit typically says the attorneys get one third plus expenses of every dollar collected. The more, the more profitable for the attys. The damage to people. I will doubt any of the plaintiffs can prove they only used JNJ powder. Nowhere in the instructions does it say for internal use in adults. Settled by arbitration. WHY-both sides know that a court case would be a lot of work. Our legal system. People with no money, do not get sued. There is nothing to collect.
A class action suit. There were attorney television ads. Join our class action suit.
WHY? The contract with the attorney on a class action suit typically says the attorneys get one third plus expenses of every dollar collected. The more, the more profitable for the attys. The damage to people. I will doubt any of the plaintiffs can prove they only used JNJ powder. Nowhere in the instructions does it say for internal use in adults. Settled by arbitration. WHY-both sides know that a court case would be a lot of work. Our legal system. People with no money, do not get sued. There is nothing to collect.