BioSpace.com

Biotech and Pharmaceutical
News & Jobs
Search the Site
 
   
Biotechnology and Pharmaceutical Channel Medical Device and Diagnostics Channel Clinical Research Channel BioSpace Collaborative    Job Seekers:  Register | Login          Employers:  Register | Login  

NEWSLETTERS
Free Newsletters
Archive
My Subscriptions

NEWS
News by Subject
News by Disease
News by Date
PLoS
Search News
Post Your News
JoVE

CAREER NETWORK
Job Seeker Login
Most Recent Jobs
Browse Biotech Jobs
Search Jobs
Post Resume
Career Fairs
Career Resources
For Employers

HOTBEDS
Regional News
US & Canada
  Biotech Bay
  Biotech Beach
  Genetown
  Pharm Country
  BioCapital
  BioMidwest
  Bio NC
  BioForest
  Southern Pharm
  BioCanada East
  US Device
Europe
Asia

DIVERSITY

INVESTOR
Market Summary
News
IPOs

PROFILES
Company Profiles

START UPS
Companies
Events

INTELLIGENCE
Research Store

INDUSTRY EVENTS
Biotech Events
Post an Event
RESOURCES
Real Estate
Business Opportunities

 News | News By Subject | News by Disease News By Date | Search News
eNewsletter Signup
Miles
Km80.5

   

DePuy, Inc. ASR Hip Implant Recall Large Contributor to Johnson & Johnson (JNJ)'s $2.9 Billion Charge for 4th Quarter 2011


2/27/2012 8:31:14 AM

NEW YORK, Feb. 27, 2012 /PRNewswire via COMTEX/ -- Investors of Johnson & Johnson thought the $912mm charge in the 4th quarter of 2010 was a large number for the DePuy ASR Hip litigation; however the recent 4th quarter charge of $2.9bil partly attributed, according to CNJ Enterprises, to the DePuy Recall is 3 times last year's amount.

This has led many product liability experts to believe that the DePuy litigation could top Avandia as the top "class action" litigation for 2011. Industry experts are pointing towards the Sulzer Hip Recall of 2001 in which the Swiss Medical Device maker's recall placed in 31,000 patients settled for $1Bil. The DePuy Recall is 3 times the size of Sulzer. And with J&J executives recently deposed as to "what they knew", many believe that J&J's total exposure could top $3bil. Apparently, this was a major factor in J&J's CEO, Bill Weldon, deciding to step down.

One indication of the potential size of the settlement value for the DePuy victims is based on the lawsuit settlement funding industry's view of DePuy. Legal-Bay LLC -a leader in lawsuit funding for both Avandia and DePuy- recently announced that they have secured $2.5mm in financing just for DePuy pre-settlement funding clients.

Patty Kirby, Director of Client Relations at Legal-Bay commented, "Our research has indicated the average settlement amounts of the DePuy cases will top the Sulzer $200K average; cases in which the patient had the implant and revision surgery, could have values close to $1mm each. Based on this, we have been funding our DePuy clients with advances up to $50K to pay bills until they get their ultimate settlement."

Legal-Bay was accurate in their forecast in the Avandia litigation as well, when they predicted GlaxoSmithKline would settle for over $2bil. Recently, Glaxo settled 25,000 claims related to Avandia through mediation for what is being reported as close to $3bil. However, victims will not get their money for months.

Legal-Bay's website: lawsuitssettlementfunding.com and their toll free hotline 877.571.0405 have been busy taken lawsuit loan applications for the DePuy and Avandia litigation. If history proves right this does not bode well for J&J on DePuy.

Contact:CNJ Enterprises- Julie Jansen, Cnjenterprisesllc@gmail.comLegal-Bay- Patty Kirby,info@legal-bay.com, +1-877-571-0405

SOURCE CNJ Enterprises LLC



Read at BioSpace.com

   

ADD TO DEL.ICIO.US    ADD TO DIGG    ADD TO FURL    ADD TO STUMBLEUPON    ADD TO TECHNORATI FAVORITES