Cyprus Mines and Ex-J & J Talc Supplier Imerys Create $862M Trust

Imerys Talc America, Inc. and the company’s former owner, Cyprus Mines Corporation, will create a collective $862 million dollar trust. The goal is for the trust to settle personal injury claims alleging their asbestos-contaminated talc caused plaintiffs’ cancer.  This comes after both groups filed reorganization plans and disclosure statements on January 31, 2024 in The U.S. District Court for the District of Delaware. Both companies filed for bankruptcy protection in hopes of continuing business through a reorganization plan. Facing more than 14,600 lawsuits, Imerys filed for bankruptcy in 2019. The majority of the lawsuits against the multinational company allege its talc was contaminated with asbestos, causing mesothelioma, ovarian cancer and other serious health complications.  Cyprus Mines filed for Chapter 11 in February 2021. Cyprus Mines’ case is being administered as “related to” the Imerys bankruptcy case. This is because the company filed its Chapter 11 petition as a condition to a global settlement of talc lawsuits with Imerys and its insurers. Imerys spokespeople say: “There will be substantially more assets available to resolve talc personal injury claims under the plan than would be the case if there were a chapter 7 liquidation.”  A hearing is scheduled for March 14, 2024. Approval of its disclosure statements will be considered. Johnson & Johnson Connection Imerys is a leading supplier, responsible for ar...
Source: Asbestos and Mesothelioma News - Category: Environmental Health Authors: Tags: Legal Litigation talc Talcum Powder Source Type: news