Report: J&J willing to pay more than $400m to settle Pinnacle hip cases (MassDevice)
Johnson & Johnson (NYSE:JNJ) is willing to put more than $400 million on the table to settle consumer allegations that its Pinnacle line of metal-on-metal hips were defective and caused problems including metal poisoning, according to a new report from Bloomberg.
Officials at the New Brunswick, N.J.-based company agreed to payments of approximately $125,000 per case on average to resolve about a third of the Pinnacle hips suit pending against the company, according to the report, which references people familiar with the settlement.
So far, J&J has settled or is in the process of settling approximately 3,300 out of 10,000 lawsuits targeting its Pinnacle line of hip-replacement devices, Bloomberg reports.
The $125,000 average payout would mean the company would need to pay approximately $413 million to settle the 3,300 cases, according to the report.
The medical giant is looking to resolve all remaining pinnacle cases before another trial begins next month, Bloomberg said, though the company remains in talks with lawyers for residual hip recipients who have ...
