Senate Panel Scrutinizes Use of Texas Law to Shift Liabilities to Bankruptcy - The Wall Street Journal

A Senate panel on Tuesday considered curbing chapter 11 filings that stem from a Texas law used by Johnson & Johnson and other companies to shift more than a quarter-million cancer lawsuits to bankruptcy court.

These companies are attempting to resolve mass asbestos-injury allegations through bankruptcy by using newly-created corporate affiliates, an emerging legal strategy that has drawn attention from the Senate Judiciary Committee dealing with the federal-court system.

J&J...

source: https://www.wsj.com/articles/senate-panel-scrutinizes-use-of-texas-law-to-shift-liabilities-to-bankruptcy-11644368423

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