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(Reuters) - Johnson & Johnson will urge a judge on Monday to disqualify certain votes in favor of a reorganization plan proposed by its former talc supplier, saying the votes were improperly changed in an attempt to secure necessary creditor support for the deal.
The dispute is the latest between the pharmaceutical giant and Imerys Talc America, which filed for bankruptcy in February 2019 to deal with about 15,000 lawsuits alleging its products caused ovarian cancer and asbestos-related mesothelioma. While Imerys, represented by Latham & Watkins, is trying to push forward a plan that would allow it to wrap up the bankruptcy and set up a trust to compensate personal injury claimants, J&J has objected to the deal, saying Imerys is trying to make it easier for cancer victims to sue J&J instead.
J&J, represented by Weil Gotshal & Manges in the Imerys Chapter 11 case, has long denied wrongdoing in response to litigation over its talc products. Reuters reported this summer that the company has explored spinning off its talc liabilities into a new entity and placing that entity into bankruptcy.
J&J has asked U.S. Bankruptcy Judge Laurie Selber Silverstein to toss more than 15,000 plan...
Read Full Story: https://www.reuters.com/legal/transactional/johnson-johnson-gears-up-showdown-over-reorg-votes-with-ex-talc-supplier-2021-09-17/
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