Johnson & Johnson Puts Talc Injury Claims Into Bankruptcy (2)

Johnson & Johnson is turning to bankruptcy court in a controversial attempt to resolve billions of dollars in legal liabilities tied to its talc products, placing a new subsidiary holding the claims into Chapter 11 protection.

The unit, LTL Management LLC, filed for bankruptcy in Charlotte, North Carolina, on Thursday, listing as much as $10 billion of assets and up to $10 billion in liabilities, according to court documents. Johnson & Johnson itself did not file for bankruptcy.

“We are taking these actions to bring certainty to all parties involved in the cosmetic talc cases,” Michael Ullmann, executive ...