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J&J Reports on Costs of DePuy ASR Recall and Pinnacle Hip Litigation

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Johnson & Johnson’s Third Quarter Earnings Report, filed with the SEC, details the costs associated with litigation of the DePuy Pinnacle and ASR hip replacement lawsuits. The report, according to a press release by law firm representing some plaintiffs, says that its “subsidiaries are involved in numerous product liability cases” in which the “damages claimed are substantial.” Specifically, the report states that “[m]ultiple products of the Company’s subsidiaries are subject to product liability claims and lawsuits in which claimants seek substantial compensatory and, where available, punitive damages.”

The report says that at the beginning of October, there were 3,500 pending ASR hip replacement lawsuits pending, and 560 Pinnacle hip replacement lawsuit pending. The report also says that litigation expenses and recall costs of $223 million were recorded in nine months.

The Q-10 report also says that the number of ASR lawsuits pending against the J&J and DePuy “continues to increase.” And that the company is continuing to tally the potential costs associated with the recall, and has established a “product liability accrual” for liability litigation settlements and costs.

breakinglawsuitnews.com disclaimer: This article: J&J Reports on Costs of DePuy ASR Recall and Pinnacle Hip Litigation was posted on Thursday, November 17th, 2011 at 9:16 pm at breakinglawsuitnews.com and is filed under Medical Device Lawsuits.

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