Johnson & Johnson Reports More Than $3 Billion in Quarterly Charges:
Products Liability Attorneys Bolstering Efforts to Reach Out to DePuy Hip Implant Recipients in Response
Johnson & Johnson recently reported over $3 billion in quarterly charges. The charges come primarily as the result of legal settlements and other costs associated with products liability issues the company has had and continues to have with some of the devices in its DePuy line of hip replacement implants.
In August of 2010, Johnson & Johnson’s “DePuy Orthopedics” Division issued a voluntary recall of its Depuy ASR Hip Implant due to substandard failure rates. Specifically, the recall centered on DePuy’s ASR XL Acetabular Hip System and DePuy’s ASR Hip Resurfacing System. Recently however, the DePuy Pinnacle Hip Implant has also come under fire, but has not yet been recalled. The problem with the devices is the “metal on metal” design that the implants utilize, causing shards of metal and metal ions to enter patients’ bloodstreams, resulting in everything from dislocation to metallosis and even Chromium/Cobalt Blood Poisoning.
It is anticipated that this more than $3 billion in fourth-quarter charges will allow Johnson & Johnson to set aside monies for patients and attorneys who are involved in litigation against the company. In particular, the $3.3 billion in charges included $1.1 billion in pretax charges for litigation settlements related to the antipsychotic drug Risperdal, and approximately $1.5 billion in product-liability expenses stemming from surgeries and other procedures to repair defective DePuy ASR hip-replacement systems.
In light of these recent developments, select Products Liability Attorneys are bolstering efforts to reach out to DePuy ASR and DePuy Pinnacle Hip Implant Recipients, ramping up their online presence in an effort to get its message across to the numerous DePuy Hip Implant Recipients it believes have yet to seek advice on their individual situation.
The particular concern centers on making sure that any ASR or Pinnacle Implant Recipients are aware of their rights. These Attorneys want these Implant Recipients to know that the law limits the amount of time that individuals have to file claims. Moreover, they also anticipate that the closure of the Multi-District Litigation is on the horizon, and unfortunately, claims litigated after this event may be more difficult to settle.
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