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Using Bankruptcy To Duck Mass Torts Just Got Harder
This week the Third Circuit said Johnson & Johnson can’t use the “Texas two-step” to create a talc unit to spin off billions of dollars in liability and then immediately file for bankruptcy protection. The controversial maneuver has faced scrutiny in other suits as well, and this week we’re joined by Law360 senior bankruptcy reporter Vince Sullivan to talk about what the ruling means for J&J and beyond. Also on this week’s show, we discuss a federal grand juries indicting Tom Girardi for allegedly stealing millions from his clients; the Second Circuit reining in the power of Manhattan federal judge Jed Rakoff to use discretion in voir dire; and we weigh in on some new social “laws” to live by.
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