Johnson & Johnson (JNJ): Texas Two-Step Takes a Spill

U.S. Court of Appeals for the Third Circuit issued a unanimous panel decision in In re LTL Management, LLC, talc claimants’ appeal of the February 2022 opinions of the bankruptcy court in New Jersey which had allowed the product of a “Texas Two-Step” divisive merger to continue in bankruptcy and had blocked all talc lawsuits against Johnson & Johnson (JNJ) and its subsidiaries.