J&J agrees to pay $1 billion to settle hip implant lawsuit
by SOURAV D | VIEW 1336
Johnson & Johnson, the world’s largest independent biotech company by market cap, had agreed to pay a lump-sum of $1 billion in order to resolve a stockpile of lawsuits accusing the medical equipment maker of selling defective metal-on-metal hip implants, which had to be removed later, a Bloomberg report revealed on Tuesday, the 7th of May 2019, citing people familiar with the subject matter.
According to Tuesday’s (May 7th) Bloomberg report, the latest settlement could resolve as many as 95 percent of the 6,000 lawsuits filed against the scandal-sickened American medical equipment and pharmaceutical device maker, in which surgeons had to extract the implanted hips, as the patients were unable to move following implants of J&J’s device mostly due to severe pain.
Although the $1 billion settlement would be resolving claims of patients with implanted metal-on-metal hips alongside an earlier settlement for about $400 million, still, about 4,500 lawsuits would be pending where patients claimed for liabilities on artificial hips, which had not made entirely out of metals, or had not yet removed surgically, the Bloomberg report said.
In fact, on last February, the DePuty Orthopedic Unit of Johnson and Johnson had been quoted saying that it had been in advanced talks to resolve most of individual lawsuits accusing the company of selling defective and injury-causing metal-on-metal Pinnacle hip implant devices. J&J officials did not respond immediately while being asked for comments.