Posted by : Ed Lott, Ph.D., M.B.A.
Three recent filings in the Johnson & Johnson Chapter 11 bankruptcy proceedings reflect some of the challenges faced by the pharmaceutical giant as it seeks to create its talc liability spinoff.
On December 8, the U.S. Trustee’s office filed a brief objecting to J&J’s retention of the law firm Jones Day as bankruptcy counsel, citing Jones Day’s representation of J&J and several of its affiliates in several matters that could present conflicts of interest with its representation of the talc liability spinoff LTL Management. These potential conflicts include the firm’s involvement in J&J’s pre-petition in the Divisional Merger, Old JJCI pre-petition in the Divisional Merger, certain J&J affiliates pre-petition and post-petition in purportedly unrelated matters, J&J post-petition in purportedly unrelated matters; and representation of the Debtor itself. The brief states that “Jones Day appears to be the architect of the Divisional Merger, which raises several questions for Jones Day concerning issues of fundamental, inherent, and structural conflicts, inter-company claims and other issues that may exist between and among the Debtor, J&J, Old JJCI, New JJCI and other related J&J affiliates and subsidiaries”.
The U.S. Trustee was joined in their objections by the firm of Aylstock, Witkin, Kreis and Overholt PLLC who represents thousands of claimants suffering from cancer that they allege was the result of exposure to tainted J&J talcum powder.
The post Major New Johnson & Johnson Chapter 11 Bankruptcy Updates appeared first on Verus LLC.
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