The Third Circuit on Thursday affirmed the dismissal of the reworked Chapter 11 case of Johnson & Johnson’s talc unit. The unit employed a controversial “Texas two-step” maneuver, which the court found did not demonstrate the requisite financial distress for bankruptcy protection. This decision marks a significant setback for Johnson & Johnson, as it continues to navigate the legal ramifications of claims related to its talc products. To read more about the court’s decision, visit Law360.