According to Matt Levine (in his Jan 31st column), this is an incorrect summary of the J&J case (though a correct summary of Texas Two-step in general), because according to J&J's proposal, LTL could draw on up to $61.5 BILLION dollars of J&J's value to backstop the talc suits, a value agreed to be far more than any plausible sum of the claims. According to Levine, the purpose was for the settlements to be orderly.
I have no horse in the race, and no ability to assess the law. I just thought it was a pretty interesting claim, and in general my experience has been that Levine seems pretty savvy. Though he hasn't given an update on the July 28th ruling, so shrug.
I have no horse in the race, and no ability to assess the law. I just thought it was a pretty interesting claim, and in general my experience has been that Levine seems pretty savvy. Though he hasn't given an update on the July 28th ruling, so shrug.