Johnson & Johnson agrees to extend timeline for talc settlement vote

Erik Haas,Johnson & Johnson’s Worldwide Vice President of Litigation, said in a statement Friday: “Progress continues regarding the Company’s previously-announced consensual prepackaged bankruptcy plan. First, this week the Company restructured its subsidiary, LLT Management LLC, in preparation to potentially pursue the Plan. Filing of the Plan is contingent on a number of considerations, including the certification by the claims administrator of a vote in favor of the bankruptcy of at least 75% of the talc claimants. Second, plaintiffs’ attorneys who have opposed the plan reached out to engage in negotiations with the Company. These lawyers, who attest that they represent the majority of claimants who oppose the Plan, requested that the claims administrator pause the Plan’s certification. This will allow these plaintiffs’ attorneys time to speak to their claimants to now consider supporting the Plan. We have agreed to a short extension of the certification timeline to accommodate this request.”