J&J subsidiary LTL re-files Chapter 11; J&J commits $8.9B to resolve talc claims

JOHNSON & JOHNSON

LTL re-filed for Chapter 11 bankruptcy to resolve all cosmetic talc claims against J&J in North America.
J&J agreed to contribute up to $8.9 billion present value ($12 billion nominal) over 25 years.
J&J records a Q1 2023 charge of $6.9 billion, above the $2 billion committed in the October 2021 filing.
Over 60,000 current claimants support the reorganization plan, which does not involve J&J itself filing for bankruptcy.

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