The bankruptcy case filed by Johnson & Johnson’s subsidiary shouldering talc-related lawsuits will soon be dismissed unless a U.S appeals court agrees to reconsider its decision to nix the company’s attempt to offload the litigation into Chapter 11 proceedings, a federal judge said on Tuesday.
U.S. Bankruptcy Judge Michael Kaplan said during a hearing in Trenton, New Jersey that he intends to toss the Chapter 11 case once the Philadelphia-based 3rd U.S. Circuit Court of Appeals issues a formal mandate to carry out a Jan. 30 ruling by a three-judge panel to dismiss the matter.
The 3rd Circuit panel ruled that the J&J subsidiary, called LTL Management, had no legitimate claim to Chapter 11 protection because it did not face financial distress….