3rd Circuit Dismisses Johnson & Johnson Unit’s Chapter 11 Case

Mealey's (January 30, 2023, 2:02 PM EST) -- PHILADELPHIA — The Third Circuit U.S. Court of Appeals on Jan. 30 rejected retail giant Johnson & Johnson’s attempt to place all of its asbestos-talc liability with an affiliate and then bankrupt it, ordering the affiliate’s Chapter 11 case closed after finding that because it was not in financial distress, its petition does not serve a valid bankruptcy purpose and was filed in bad faith....