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Friday, November 15, 2013

J&J Said to Reach $4 Billion Settlement of Hip-Implant Suits (1)

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J&J Said to Reach $4 Billion Settlement of Hip-Implant Suits (1)
J&J Said to Reach $4 Billion Settlement of Hip-Implant Suits (1)

Johnson & Johnson (JNJ:US) will pay more than$4 billion to resolve thousands of lawsuits over its recalledhip implants in the largest settlement of U.S. legal claims fora medical device, three people familiar with the deal said.

The accord will resolve more than 7,500 lawsuits in federaland state courts against J&J’s DePuy unit, said the people, whorequested anonymity because they weren’t authorized to speakpublicly about the settlement. Patients who have had hipsreplaced claimed in the cases that the implants were defective.

The company will pay an average of $300,000 or more foreach of those surgeries, the people said. The agreement doesn’tbar patients whose artificial hips fail in the future fromseeking compensation from J&J, they said. That means thesettlement is uncapped in terms of its total value, according tothe people. The settlement is expected to be announced next weekin federal court in Toledo, Ohio.

The agreement “resolves a lot of litigation that couldhave dragged on for years and cost J&J much more money in thelong run,” said Carl Tobias, who teaches product-liability lawat the University of Richmond in Virginia.

The settlement will be the second multibillion-dollaragreement this month for J&J, the world’s largest seller ofhealth-care products. J&J, based in New Brunswick, New Jersey,agreed Nov. 4 to pay $2.2 billion to resolve...

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