Somewhat. There's not a whole lot that can actually be done.
Georgia Pacific was faced with 62,000+ claims. They went through this same process. Spun off their subsidiary. "Pledged" to fund it with an "initial" billion dollars, and that GP would fund all claims.
Never happened. They actually only funded $175M. Less than $3,000 per claimant for asbestos related injuries. That is, less than $3,000 before legal fees.
And there was nothing defendants could do, because there was no legal obligation that could be created to force GP to fully fund. "That entity is independent and is in bankruptcy. So sad, too bad."
It's pretty close to identical. Especially when you consider it's the same law firm.
GP tried to limit their liabilities. Court said 'no'. GP said, "Okay, fine. We'll put an initial $1B in the pot and GP will fund all lawsuit payouts against Best Wall" (emphasis mine).
All agreed.
Then GP decided that after review, they were only going to put $175M in Best Wall's bank account, which could pay off a few of the lawsuits, and then finalized its bankruptcy.
When plaintiffs and others came to GP to get it to honor its commitment, they said "Best Wall is a fully independent entity with no legal connection to GP. So... no."
Let's not act like J&J is trying to be in any way 'fair' about making sure claimants are taken care of.
When the judge initially dismissed their bankruptcy filing, they updated the number and refiled within hours. That's taking the piss.
I don't know what you're trying to explain. You cited J&J in your original post as a company who got away with it, they didn't, you were mistaken. They're trying but are not successful. The situation, as of today, is that J&J (through their subsidiary), will be able to be sued an held liable for any negative health effects from their products.
> Let's not act like J&J is trying to be in any way 'fair' about making sure claimants are taken care of.
Nobody is. The legal system, however, is currently doing it's part to keep them fair.
> When the judge initially dismissed their bankruptcy filing, they updated the number and refiled within hours. That's taking the piss.
Who cares, they can file whatever they want. The bankruptcy was dismissed because the company they created was not in danger of insolvency at all because they're wholly owned and funded by J&J who is not insolvent. That's what _should_ have happened in the GP case and what _is_ happening in the J&J case.
Your cynicism is completely unwarranted yet you seem very inclined to keep it up.
Georgia Pacific was faced with 62,000+ claims. They went through this same process. Spun off their subsidiary. "Pledged" to fund it with an "initial" billion dollars, and that GP would fund all claims.
Never happened. They actually only funded $175M. Less than $3,000 per claimant for asbestos related injuries. That is, less than $3,000 before legal fees.
And there was nothing defendants could do, because there was no legal obligation that could be created to force GP to fully fund. "That entity is independent and is in bankruptcy. So sad, too bad."