According to analysts at Wells Fargo, Johnson & Johnson may be facing $1 billion or more in costs associated with litigating cases resulting from their DePuy metal-on-metal artificial hip implants which were recalled in 2010.
There are currently around 1,000 cases filed in the U.S. related to the recalled DePuy ASR XL Acetabular Head System and ASR Hip Resurfacing System artificial hips, alleging that not only are the implants defective, but also that Johnson & Johnson knew about the defect for years and failed to correct the problem or warn patients.
According to thestreet.com, J&J is building up a products liability reserve that is currently “$570 million more than a year ago. The company also allotted a reserve of $280 million to specifically cover the medical costs of patients directly affected by the recalled artificial hips.”
[Additional posts about the DePuy Hip Recall]
[More information about Johnson & Johnson Recalls]
[More information about the DePuy Hip Recall]
(c) Copyright 2010 Brett A. Emison
Brett Emison is currently a partner at Langdon & Emison, a firm dedicated to helping injured victims across the country from their primary office near Kansas City. Mainly focusing on catastrophic injury and death cases as well as complex mass tort and dangerous drug cases, Mr. Emison often deals with automotive defects, automobile crashes, railroad crossing accidents (train accidents), trucking accidents, dangerous and defective drugs, defective medical devices.