- Johnson & Johnson (NYSE:JNJ) is ready to cough up an hourly rate of $2,465 in a bid to add Hogan Lovells partner Neal Katyal to its legal team for the talc liability case.
- The controversial bankruptcy case tries to free JNJ from potentially billions in liabilities over its talc products claiming to cause cancer.
- The U.S. government is objecting, citing his hourly rate as a possible new legal industry high.
- Related: Johnson & Johnson's Baby Talc Litigation, Faces Fresh Claims It Hid Evidence: Bloomberg.
- LTL Management LLC is the company J&J has established to funnel roughly 38,000 talc lawsuits.
- LTL asked the judge for approval to add Katyal to its legal team earlier this month, citing his and Hogan Lovells' expertise in federal appeals.
- Read Next: Johnson & Johnson Allowed To Move Ahead With Bankruptcy Strategy On Talc Lawsuits: WSJ.
- In bankruptcy cases, a claimant's legal fees must be approved by the court.
- Price Action: JNJ shares are down 1.26% at $179.12 during the market session on the last check Wednesday.
