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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Johnson and Johnson | NYSE:JNJ | NYSE | Common Stock |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 146.82 | 493 | 12:56:35 |
From May 2024 to Jun 2024
Attorney: “The stakes are even higher for the very fabric of our civil justice system”
Some of the nation’s largest law firms recognized for their committed and successful representation of individuals harmed by dangerous products have announced unified opposition to a plan by Johnson & Johnson to seek a prepackaged bankruptcy to address claims brought by ovarian cancer victims. Two previous bankruptcy filings by the company, which has a market value of more than $350 billion, have been denied by federal courts in New Jersey where J&J is headquartered.
The company recently announced a solicitation of plaintiffs to approve a $6.5 billion settlement for all current and future ovarian cancer claims, to be filed in an unspecified federal court in Texas. Under the bankruptcy code, the plan would require a 75% supermajority of claimants to be considered for approval by the court.
"Despite the hoped-for chilling effect of J&J’s outrageous and boundless bullying tactics – attacking courts, juries, lawyers, the press, and even cancer victims – the number of lawyers willing to courageously stand up to J&J on behalf of cancer victims is inspiring,” says Andy Birchfield of the Beasley Allen Law Firm. “We must make a stand and we must not flinch or back down.”
Attorneys in opposition believe that the plan represents a dangerous precedent that could allow other large, financially solvent corporations to evade mass tort litigation.
“While this fight is about cancer victims who for decades were knowingly exposed to asbestos in talc products, the stakes are even higher for the very fabric of our civil justice system,” says Mike Papantonio of Levin Papantonio Rafferty. “Allowing this plan to move forward opens the door for any company to use bankruptcy as a shield against accountability and denies the constitutional rights of individuals to a trial before a jury of their peers.”
“We hope that other law firms recognize that this plan doesn’t come close to providing adequate compensation to those who have faced hundreds of thousands of dollars in medical expenses and lost wages solely through the use of a product they trusted,” says Michelle Parfitt at Ashcraft & Gerel.
“Thousands of women have died while J&J has played a waiting game, and this plan is just another example of that strategy. We stand united and ready to gain resolution outside of bankruptcy and will stand firm until we get there,” adds Leigh O’Dell of Beasley Allen.
The following is a current and growing list of law firms that are advising clients to oppose this third bankruptcy attempt by J&J.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240620075804/en/
Media Contact: Mike Androvett 800-559-4534 mike@androvett.com
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