The company tried to dodge tens of thousands of lawsuits by essentially faking bankruptcy.
marked Johnson & Johnson’s effort to avoid liability for its talc-based baby powder products. Tens of thousands of people have sued the company, claiming it knew these products contained asbestosovarian cancer and mesothelioma. In response to a slew of lawsuits from patients and their survivors across the country, J&J created two new companies. It offloaded all its liabilities into one, called LTL Management, and shifted all its assets into another, called J&J Consumer Inc.
”But that’s where everything started going off the rails for J&J. The bankruptcy court for the Western District of North Carolina noticed. For example, “the employees of the Debtor are all employees of Johnson & Johnson Services, Inc., a New Jersey corporation,” and “the Debtor’s assets involve no operation of a business in North Carolina.
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