A Johnson & Johnson subsidiary filed for bankruptcy protection for the third time to resolve over 60,000 lawsuits alleging its talc products caused cancer. The subsidiary's latest Chapter 11 plan includes an $8 billion settlement to claimants over 25 years, surpassing the previous proposal. The plan, backed by over 80% of current claimants, aims to end all current and future ovarian cancer claims. J&J maintains its products are safe. However, its "Texas two-step" bankruptcy strategy, which involves shifting liability to a new subsidiary filing for Chapter 11 to avoid the company's own bankruptcy, faces ongoing legal challenges.
