Johnson & Johnson has rolled out a $6.48 billion bankruptcy plan aimed at settling talc lawsuits, drawing immediate resistance from lawyers representing ovarian cancer victims. Andy Birchfield of Beasley Allen Law Firm remarked, “This ain’t a done deal,” indicating significant opposition to the proposal.

The healthcare giant is optimistic though, claiming that the plan could win the support of more than 75% of talc victims. If given the green light, it would put an end to a staggering 99.75% of all pending talc lawsuits.

But unlike previous bankruptcies from Johnson & Johnson, this one gives talc claimants a generous three-month window to mull over the proposal. However, it’s worth noting that cases brought by victims of mesothelioma are not covered under this plan.

This announcement follows a decision by a federal judge in the talc multi-district litigation to schedule the first bellwether trial for December 3rd. Johnson & Johnson is now eyeing a subsidiary to file for a third bankruptcy, aiming to clear the slate on thousands of talcum powder lawsuits through a “prepackaged” reorganization plan. This massive injection of funds aims to provide relief to cancer victims, but with opposition brewing, the road ahead remains uncertain.

Stay tuned for more updates!