Legal-Bay Pre-Settlement Funding Reports Johnson & Johnson's Latest Attempt at Bankruptcy has Failed

Judge Kaplan rules that the filing doesn't meet requirements; litigation to resume in talcum-based baby powder lawsuits.

NEW BRUNSWICK, N.J., Aug. 23, 2023 /PRNewswire/ -- Legal-Bay, The Pre Settlement Funding Company, announced today that Johnson & Johnson's efforts to put a hold on the numerous lawsuits they are facing by filing bankruptcy have failed. Judge Kaplan ruled that the filing did not meet the requirements to qualify as a "good-faith" bankruptcy attempt, and was merely a way to seek protections against the billions of dollars the pharmaceutical giant will be expected to pay out in damages.

The Johnson & Johnson cases are on track to rank among the largest mass tort settlements in U.S. history. Over 60,000 lawsuits have been brought by plaintiffs who allege that their talc-based baby powder is directly responsible for causing their ovarian cancer and/or mesothelioma, and point out that the company has long been aware of the health risks associated with their product. Several studies dating back to the 1970s concluded that talc particles increase a person's chances of developing serious medical issues, and evidence suggests that J&J has been intentionally concealing the results for decades. However, despite their $8.9 billion settlement offer, J&J continues to stand by the safety of their product. 

Chris Janish, CEO of Legal-Bay, commented, "The Judge's ruling in respect to the bankruptcy strategy by J&J seems to be fair for the plaintiffs. However, now the parties need to come back to the drawing board to work on a realistic settlement framework. With the quantity of claims and seriousness of the injuries there is likely to be a large gap—which will only drag things well into 2024. We are hopeful that at some point, both sides will come to a reasonable resolution so the people suffering can receive some funds in near future." 

If you require an immediate cash advance lawsuit loan from your anticipated Johnson & Johnson talc baby powder lawsuit settlement, please visit the company's website HERE or call 877.571.0405

Legal-Bay's sources close to the litigation believe that the parties will try to reach a global agreement by year's end. However, payments could be delayed for another two years due to the sheer number of claims to process. Legal-Bay is one of the few legal funding companies who are providing some financial relief to victims and their families with risk-free, non-recourse cash advance settlement loans.

Legal-Bay is one of the best lawsuit loan companies when it comes to these types of litigations, and is currently the #1 talc funding company in the loan settlement industry. Legal-Bay is a leading lawsuit funding provider and is able to offer lawsuit loan funds for all other types of cases including personal injury, slips and falls, car bus or truck accidents, boating accidents, construction site injuries, medical malpractice, dog bites, police brutality, wrongful imprisonment, sexual abuse or assault, discrimination or harassment in the workplace, workers comp, and many more.

Their loan for settlement programs are designed to provide immediate cash in advance of a plaintiff's anticipated monetary award. The non-recourse law suit loans—sometimes referred to as loans for lawsuit or loans on settlement—are risk-free, as the money doesn't need to be repaid should the recipient lose their case. Therefore, the lawsuit loans aren't really a loan, but rather a cash settlement advance.

To apply for settlement funding, please visit the company's website HERE or call toll-free at: 877.571.0405 where agents are available to answer your questions.

SOURCE Legal-Bay, LLC