On this episode of Cut to the Chase:, legendary mass tort lawyer Rick Kuykendall comes on to discuss the recent appellate decision rejecting Johnson & Johnson’s effort to use the Texas 2 Step Bankruptcy maneuver to minimize it’s legal exposure in the 40,000 or so lawsuits involving claims that the company’s baby powder causes cancer.   

While some of you have danced the Texas 2 Step, it’s use in the legal world has been highly controversial and alarming to plaintiffs allegedly harmed or even killed by products produced by some of the biggest corporations in the world.   But the 3rd Circuit rejected the Texas 2 Step petition. Further appeals might take place on the issue.   And reports of settlement talks are also surfacing.     

In addition to Johnson & Johnson’s Texas 2 Step, 3M’s subsidiary also came up with a controversial bankruptcy maneuver to help 3M avoid it’s financial exposure in the largest mass tort ever-the Combat earplug litigation involving 230,000 or so veterans who lost hearing or developed tinnitus due to allegedly defective earplugs 3M supplied to the Army for over a decade.   While it is not a Texas 2 Step, 3M’s subsidiary move certainly looks like it came from the same playbook. 

Listen to Rick explain it all on episode 109 of Cut to the Chase:.

 

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