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Home / Business / Johnson & Johnson on mushroom litigation: & # 39; We are targets, unfortunately & # 39;

Johnson & Johnson on mushroom litigation: & # 39; We are targets, unfortunately & # 39;



<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Johnson & Johnson ( JNJ ) has come under increased pressure as lawsuits spread – something the company blamed for its prominent role in the market and eager tort lawyers, CFO Joseph Wolk told Yahoo Finance on Tuesday. "Data-reactid =" 15 "> Johnson & Johnson (JNJ) has come under increased pressure as lawsuits spread – something the company blamed for its prominent role in the market and eager tort lawyers, CFO Joseph Wolk told Yahoo Finance on Tuesday.

<p class = "canvas-atom canvas-text Mb (1

.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "The company posted & nbsp; better than expected third quarter earnings. & nbsp; Yet amid the & nbsp; mushroom challenges of the drug giant's involvement in the opioid crisis and its own products on the market, JNJ kept its legal reserves at $ 832 million dollars – to indicate that the company is not concerned about the financial downturn. "data-reactid =" 16 "> The company posted better earnings than expected for the third quarter. Yet amid the mushroom challenges facing the drug giant's involvement in the opioid crisis and its own products on the market, JNJ kept its legal reserves steady at $ 832 million – suggesting that the company is not worried about the economic downturn.

<p class = "canvas atom canvas text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "The highest profile cases, affecting the company's three important business lines, including opioids, baby powder and an antipsychotic drug called Risperdal, the latter being the subject of a $ 8 billion punitive damages & nbsp; judgment in a Philadelphia case being appealed. 17 "> The highest-profile cases, affecting the company's three major lines of business, include opioids, baby powder and an antipsychotic drug called Risperdal. The latter was the subject of a $ 8 billion penalty charge in a Philadelphia case, which is being appealed.

In an interview on Tuesday, Wolk accused a legal environment as the reason why JNJ has a target on his back and cites thousands of cases that have emerged over the past few years.

"Life sciences have always been targeted," he told On The Move. "We're goals, unfortunately, that's the business there … we've decided to play in."

Wolk added that "life sciences account for about 50% of outstanding product liability cases when there has never been a safer time for these products or a more effective time for these products."

<h2 class = "canvas atom canvas text Mb (1.0 cm) Mb (0) – sm Mt (0.8 cm) – sm "type =" text "content =" "Trying to drum up" lawsuit "data reactid = "21"> & # 39; Trying to drum up & # 39; lawsuit

In JNJ's quarterly earnings call Tuesday, Wolk lashed out at what he characterized as superfluous lawyers trying to milk a large money industry.

<p class = "canvas atom canvas text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "" This is probably the poster child for how big business attorneys lawyers have made this kind of approach, "Wolk said, addressing & nbsp; controversy around claims that the company's baby p owder & nbsp; was bothered. Johnson & amp; Johnson has strongly pushed back against these allegations, pointing out that all the convictions have been overturned on appeal. "Data-reactid =" 23 ">" This, to me, is probably the poster child for how big business law attorneys have made this kind of approach, "Wolk said, addressing controversy surrounding claims that the company's baby powder was stolen. Johnson & Johnson have vigorously pushed back against those allegations, pointing out that all the judgments have been overturned on appeal.

"The plaintiff's bar total has spent over $ 400 million this year alone advertising on television to try to drum up class action lawsuits," he said. It has become a $ 36 billion industry. "

Johnson & Johnson said quarterly revenue fell, hurt by generic competition for Risperdal schizophrenia and the strong dollar, but lower costs allowed the company to beat Wall Street expectations. REUTERS / Rick Wilking (UNITED STATES) BUSINESS)

To date, Johnson & Johnson is facing at least $ 13 billion in exposure, which includes the the $ 472 million judgment in Oklahoma; a $ 20.4 million settlement in Ohio, and the recent $ 8 billion verdict in the Risperdal case. The company appeals most of these, Wolk said.

Specifically of $ 8 billion for punitive damages in the Risperdal case – which already received a $ 680,000 damages award – Wolk said the company was confident it would be reduced.

The judgment itself, based on the US Supreme Court's precedent, suggests that it is truly fraudulent. We do not expect that. We will appeal the amount. You can expect it to come down. "

The company recently saw a favorable result in a California jury trial and a $ 110 million verdict on Tuesday.

<p class = "canvas atom canvas text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = " Anjalee Khemlani is a reporter at Yahoo Follow her on Twitter: @AnjKhem "data-reactid =" 40 "> Anjalee Khemlani is a reporter at Yahoo Finance. Follow her on Twitter: @AnjKhem

<p class = "canvas-atom canvas text Mb (1.0em) Mb (0) – sm Mt (0 , 8em) – sm "type =" text "content =" Read the latest financial and business news from Yahoo Finance "data-reactid =" 41 "> Read the latest financial and business news from Yahoo Finance


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