A recent secret ballot among plaintiffs regarding Johnson & Johnson’s proposed settlement of nearly all outstanding talc litigation via a Chapter 11 bankruptcy maneuver reportedly shows significant support for the plan. According to a Bloomberg report citing unnamed sources, approximately 75 percent of plaintiffs are in favor of the settlement.
The results, which have not yet been officially announced, are expected to bolster Johnson & Johnson’s proposal to allocate $6.5 billion over 25 years to address both current and future talc-related claims.
When approached by Bloomberg for comment, a spokesperson for Johnson & Johnson declined to discuss the rumored ballot results. The vote is a critical step in the company’s efforts to secure approval for its bankruptcy plan.
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