J&J Turns To Texas Law Seeking Bankruptcy Over Deadly Talc Powder

Via Boom Bust: Johnson & Johnson is eyeing a new liability strategy for its controversial talc liabilities. Mike Papantonio, host of America's Lawyer, digs into the reports and the firm's history.

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*This transcript was generated by a third-party transcription software company, so please excuse any typos.

Johnson and Johnson appears to be looking for a way to deal with the nearly 30,000 pending lawsuits over claims that it's baby powder and other talc-based products cause cancer. According to reports, the plan is to offload liabilities from the lawsuits into a newly created business that would then seek protection by filing for chapter 11 bankruptcy. So would this work and how would it impact the thousands of victims involved? Joining us now to go further in depth on this is host of America's Lawyer, America's Lawyer himself, Mike Papantonio. Mike, it's great to have you on this show today. Now our first question is why would Johnson and Johnson be considering a plan like this? And how is it legal?

Well, it's a new way of doing business. I mean, you, you take a boardroom of sociopath's that have killed thousands of people. Okay. Literally killed thousands of people, recklessly, knowing for five decades that what they were, that what they were were doing would result in thousands of deaths. Then you take a department of justice who has no courage to prosecute anybody that's dressed up in a three-piece suit and lives on Wall Street. And then you take a media who won't tell the story, because the advertising money coming from Johnson and Johnson is so big. Then you take regulators who have no courage whatsoever, who in fact go to work with a company like Johnson and Johnson after they leave the FDA, you take all of these moving parts, and then you take a company Johnson and Johnson who is worth one half a trillion dollars, almost $500 million.

And, excuse me, billion dollars, worth $500 billion, and then you have a judge in New York who's been appointed as a judgeship or a judge in Texas who's been appointed to a judgeship because of politics. And it's a judge who's never done anything for consumers in their lives. All they've done is worked for corporations. So you take all those moving parts and then you take a Texas law that has been written to stomp on, on consumers. You would expect it out of Texas. This is where it started. It's called the Texas two step. It's called divisive merger created in Texas for, for, for thugs, for sociopathic thugs, just like Johnson and Johnson. So they can kill people, never go to jail, never have any bad publicity about it. In the end, they can keep their half a trillion dollars and the CEO makes a lot of money and it's business as usual. And then the next company says, hey, Johnson and Johnson got away with that. Let's do it too. So the question, how can they do it? That's how they can do it. It's all those moving parts that allows a sociopathic leadership like Johnson and Johnson to kill these people and then seek bankruptcy protection for it.

And Mike that's exactly right, because it's something we've talked about on this show over and over again, how do they do it? Because we've allowed them to do it because the laws have allowed them to do it and they got the money to get around them. So, Mike, how would this plan to put a separate company through bankruptcy impact the actual lawsuits that are being filed? And more importantly, how is it affecting the claimants who are, who were the ones who were actually hurt during this?

Well, listen, let me begin with the claimants. For half a century scientific testing found that the asbestos talc that was used in, in, in this product had the ability to cause ovarian cancer. There is a horrible, horrible death.

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