Johnson & Johnson (JNJ) Agrees to Pay $22.9 Million to End Recall Lawsuit
7/18/2013 6:58:45 AM
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Johnson & Johnson (JNJ.N) has agreed to pay $22.9 million to end a lawsuit from investors who claimed the company concealed quality-control failures that culminated in a broad recall of children's medicines, according to court filings. The proposed settlement was filed Monday in a U.S. federal court in New Jersey, and must be approved by the judge overseeing the case. Johnson & Johnson did not admit any liability or wrongdoing in the settlement, court filings said. "We maintain that the claims in this action are without merit, and settled this case in order to avoid the expense, distraction and time associated with continuing litigation," Johnson & Johnson spokesman Ernie Knewitz said in a statement.
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