around 40,000 allegations of people saying that its talc-based baby powder caused their cancer. this is not even an exhaustive list. this is just an example of one case list. and so what they say is, look, this is a solution. we filed for bankruptcy through this texas two-step maneuver. so in october of 2021 johnson & johnson executes what is known as the texas two-step. johnson & johnson took its consumer products business and merged it with a newly created entity in texas. it then immediately split that entity in two. one of the segments, which is now known as ltl management llc, was left holding all of the liabilities of the talc lawsuits. ltl immediately filed for bankruptcy in north carolina.
ltl immediately filed for bankruptcy in north carolina. johnson & johnson set aside something like $2 billion for ltl to use to potentially play out plaintiffs in addition with access to some other funding. plantdfes lawyers say that plaintiffs are likely going to have a smaller pot from which to be paid out from. there was the so-called texas two-step. was that just a way for johnson & johnson to avoid another multi-billion dollar payout? absolutely not. so with the history of trying to resolve this litigation in the court system showed us is that it hasn t been fair to plaintiffs and it hasn t been fair to johnson & johnson. over ten years with 40,000 cases pending, only two plaintiff verdicts have ever been paid. so i think the important takeaway from that was that we needed to find a way to resolve this litigation for all current claimants and all future
joining me now is richard wazacz, the ceo of travelex. welcome to the programme, you have been in charge since april? i have been in charge since aril? ., g have been in charge since april? ltl have been in charge since i april? it has april? i “oined in june. it has been a april? ijoined in june. it has been a tumultuous - april? ijoined in june. it has been a tumultuous time - april? ijoined in june. it has been a tumultuous time forl been a tumultuous time for travelex, as we briefly outlined in the introduction. what were your thoughts when they approached you and said we want you to be in charge of travelex? want you to be in charge of travelex? , ., travelex? good question. big two things travelex? good question. big two things that travelex? good question. big two things that me travelex? good question. big two things that me to - travelex? good question. big two things that me to the - two things that me to the business are the amazing brand and the strength of dist