Preview Newsletter
Pinn 1/4/16
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Market Insider with Patti Domm: Early movers: GOOGL, AMZN, REGN, PFE, JNJ, HSY & more
Jan 4, 2017 | CNBC
By Elizabeth Gurdus
Brief mention of the reduced damages in CNBC’s Market Insider. Relevant portion included below. -
Morning Brief: Bulls are 2 for 2 in 2017, with the Dow on 20K march again
Jan 4, 2017 | CNBC
By Matthew J. Belveder and Peter Schacknow
Brief mention and link to Reuters' coverage in CNBC’s Morning Brief. Relevant portion included below. -
The Morning Risk Report: With Cybersecurity, It Comes Back to Basics
Jan 4, 2017 | Wall Street Journal
By Ben Dipietro
Brief mention and link to Reuters’ coverage in the Wall Street Journal's Morning Risk Report. Relevant portion included below. -
Judge halves $1 billion award in J&J hip implants case
Jan 4, 2017 | Reuters
A U.S. judge almost halved the award in a December jury verdict that ordered Johnson & Johnson (JNJ.N) and its DePuy Orthopaedics unit to pay more than $1 billion to plaintiffs in six lawsuits who said they were injured by DePuy's Pinnacle hip implants. -
J&J Judge Slashes $1 Billion Verdict Over Pinnacle Hip Implants
Jan 3, 2017 | Bloomberg
By Jef Feeley
Johnson & Johnson won a ruling cutting almost in half a $1.04 billion jury award to patients who accused the company of hiding defects in its Pinnacle artificial hips that had to be surgically removed. -
Dallas judge cuts $1B J&J hip implant verdict in half
Jan 4, 2017 | FierceBiotech
By Amirah Al Idrus
Johnson & Johnson is catching a break as a federal judge in Dallas halves the $1 billion verdict a jury handed down in a trial surrounding injuries caused by the devicemaker’s metal-on-metal hip implants. -
Morning Break: Obamacare Out? No $ for Gun Violence Studies; FDA and E-Cigs
Jan 4, 2017 | MedPage Today
Brief mention of the reduced damages in MedPage Today's Morning Break. Relevant portion included below. -
Health Care Sector Update for 01/04/2017: NVLS, JNJ, PFE, ABT, MRK, AMGN
Jan 4, 2017 | Nasdaq
Brief mention of the reduced damages' impact on JNJ stock in today's Health Care Sector Update. Relevant portion included below. -
J&J Gets $1B Damages Cut In Half In Hip Verdict
Jan 3, 2017 | Law360
By Jess Krochtengel
A Texas federal judge on Tuesday slashed nearly in half the more than $1 billion in punitive damages a jury awarded to plaintiffs who claimed Johnson & Johnson and subsidiary DePuy Orthopaedics Inc. rushed a faulty hip implant to market, prompting the plaintiffs to appeal.
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Market Insider with Patti Domm: Early movers: GOOGL, AMZN, REGN, PFE, JNJ, HSY & more
Jan 4, 2017 | CNBC
By Elizabeth Gurdus
Johnson & Johnson — A U.S. judge nearly halved an award in a December verdict that ordered the health care manufacturer to pay over $1 billion in damages to plaintiffs hurt by the company's DePuy Orthopaedics Pinnacle hip implants.
View full story here: http://www.cnbc.com/2017/01/04/early-movers-googl-amzn-regn-pfe-jnj-hsy-more.html
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Morning Brief: Bulls are 2 for 2 in 2017, with the Dow on 20K march again
Jan 4, 2017 | CNBC
By Matthew J. Belveder and Peter Schacknow
A federal judge cut almost in half a $1 billion December jury verdict against Johnson & Johnson (JNJ) and its DePuy orthopedics unit over lawsuits related to Pinnacle hip implants. (Reuters)
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The Morning Risk Report: With Cybersecurity, It Comes Back to Basics
Jan 4, 2017 | Wall Street Journal
By Ben Dipietro
Judge cuts award against J&J. Reuters reports a U.S. judge has cut by almost half a $1 billion jury award against Johnson & Johnson and its DePuy Orthopaedics unit over injuries allegedly caused by its hip implants.
View full story here: http://blogs.wsj.com/riskandcompliance/2017/01/04/the-morning-risk-report-with-cybersecurity-it-comes-back-to-basics/
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Judge halves $1 billion award in J&J hip implants case
Jan 4, 2017 | Reuters
A U.S. judge almost halved the award in a December jury verdict that ordered Johnson & Johnson (JNJ.N) and its DePuy Orthopaedics unit to pay more than $1 billion to plaintiffs in six lawsuits who said they were injured by DePuy's Pinnacle hip implants.
U.S. District Judge Ed Kinkeade in Dallas cited "constitutional considerations" that limit how much plaintiffs may recover in punitive damages but upheld the jury's findings that the implants were defectively designed and that the companies failed to warn consumers about the risks.
Around $500 million of punitive damages would be cut from the more than $1 billion awarded to the plaintiffs who are California residents that were implanted with the hip devices and experienced tissue death, bone erosion and other injuries they attributed to design flaws.
The complainants claimed the companies promoted the implants as lasting longer than devices that include ceramic or plastic materials.
DePuy ceased selling the metal-on-metal Pinnacle devices in 2013 after the U.S. Food and Drug Administration strengthened its regulations on artificial hips.
J&J and DePuy paid $2.5 billion that year to settle more than 7,000 lawsuits over its ASR metal-on-metal hip devices.
(Reporting by Rama Venkat Raman in Bengaluru, additional reporting by Nate Raymond in New York; Editing by Sunil Nair)
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J&J Judge Slashes $1 Billion Verdict Over Pinnacle Hip Implants
Jan 3, 2017 | Bloomberg
By Jef Feeley
Johnson & Johnson won a ruling cutting almost in half a $1.04 billion jury award to patients who accused the company of hiding defects in its Pinnacle artificial hips that had to be surgically removed.
A judge on Tuesday left undisturbed a jury’s finding that officials of J&J and its DePuy unit failed to properly warn doctors and patients about the artificial hips’ flaws, but found the panel’s punitive-damage awards to six patients were excessive and should be reduced, according to court filings.
“Constitutional considerations limit the amount a plaintiff may recover in punitive damages,” U.S. District Judge Ed Kinkeade in Dallas said in the ruling.
The cut wipes out about $500 million in punishment damages against J&J and DePuy over the company’s mishandling of the hip implants, said Mark Lanier, a lawyer for the patients who sued.
J&J still faces almost 9,000 lawsuits accusing the company of illegally marketing the flawed metal-on-metal hips. J&J stopped selling the devices in 2013 after the U.S. Food and Drug Administration toughened artificial-hip regulations.
“Now that judgment has been entered in these cases, the company can move forward in seeking appellate review of the legal errors with the trial,” John Beisner, a lawyer for J&J and DePuy, said in an e-mailed statement.
J&J won the first Pinnacle hip case to go to trial in October 2014 after a jury rejected a Montana woman’s claims that the devices were defective and gave her metal poisoning. In March 2016, a Dallas jury ordered J&J to pay $502 million to a group of five patients who accused the company of hiding defects in the hips. A judge cut that verdict in July to about $150 million.
The December verdict against J&J and DePuy was the third-largest overall jury award of 2016 while the punitive award in the case was the largest against a company last year, according to data compiled by Bloomberg.
The U.S. Supreme Court has said such bad-conduct awards must be proportional to compensatory damage verdicts that underlie them and has limited punitive verdicts to 10 times a plaintiff’s actual damages.
In his ruling, Kinkeade reduced the jury’s punitive awards to about nine times the actual damages suffered by the six hip plaintiffs, Lanier said. The plaintiffs are appealing the reductions, he added.
The lead case is Andrews v. DePuy Orthopaedics Inc., 15-cv-03484, U.S. District Court, Northern District of Texas (Dallas)
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Dallas judge cuts $1B J&J hip implant verdict in half
Jan 4, 2017 | FierceBiotech
By Amirah Al Idrus
Johnson & Johnson is catching a break as a federal judge in Dallas halves the $1 billion verdict a jury handed down in a trial surrounding injuries caused by the devicemaker’s metal-on-metal hip implants.
On Dec. 1, a federal jury in Dallas ordered J&J to fork over more than $1 billion to six plaintiffs who had reported injuries—such as tissue death and bone erosion—that they attributed to the hip implant’s design. The trial consolidated six cases from the more than 8,000 lawsuits J&J is facing over its Pinnacle Ultamet hip implants.
The Dallas jurors found that the implants were “defectively designed” and that J&J did not warn consumers of the risk.
While U.S. District Judge Ed Kinkeade upheld the jury’s finding that the implants had design flaws, he will slash about $500 million in punitive damages from the verdict because of “constitutional considerations” that curb punitive damages, Reuters reported. In July, Kinkeade cut a $500 million verdict in a previous Pinnacle case to $151 million thanks to a Texas law that limits punitive damages. But plaintiffs in that case are appealing the decision.
In a win for J&J, a jury ruled against the plaintiff in a 2014 Pinnacle case, in which she sought $1.5 million in damages.
Though J&J denies any wrongdoing, it stopped selling the implants, manufactured by its DePuy Orthopaedics business, in 2013, when the FDA announced it would intensify its oversight of artificial hips.
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Morning Break: Obamacare Out? No $ for Gun Violence Studies; FDA and E-Cigs
Jan 4, 2017 | MedPage Today
A federal judge slashed by half a jury's billion-dollar damage award to people claiming injury from a Johnson & Johnson hip implant. (Reuters)
View full story here: http://www.medpagetoday.com/publichealthpolicy/publichealth/62341
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Health Care Sector Update for 01/04/2017: NVLS, JNJ, PFE, ABT, MRK, AMGN
Jan 4, 2017 | Nasdaq
Top Health Care stocks:
JNJ: +0.9%Shutterstock photo
Top Health Care stocks:
JNJ: +0.9%
PFE: +0.5%
ABT: flat
MRK: +0.1%
AMGN: +0.3%
Health care shares were mostly higher in pre-market trade Wednesday
In health care stocks news, Johnson & Johnson ( JNJ ) was up 0.9% following a Reuters report that said it will only have to pay about half of the more than $1 billion awarded by a jury to plaintiffs in six lawsuits who said they were injured by DePuy's Pinnacle hip implants. The report cited U.S. District Judge Ed Kinkeade in Dallas. About $500 million of punitive damages will be cut from the more than $1 billion awarded to the plaintiffs that had the implants and then experienced tissue death, bone erosion and other injuries. The report said the judge cited "constitutional considerations" that limit how much plaintiffs may recover in punitive damages but upheld the jury's findings that the implants were defectively designed and that the companies failed to warn consumers about the risks.
View full story here: http://www.nasdaq.com/article/health-care-sector-update-for-01042017-nvls-jnj-pfe-abt-mrk-amgn-cm729129#ixzz4UnryhcxN -
J&J Gets $1B Damages Cut In Half In Hip Verdict
Jan 3, 2017 | Law360
By Jess Krochtengel
A Texas federal judge on Tuesday slashed nearly in half the more than $1 billion in punitive damages a jury awarded to plaintiffs who claimed Johnson & Johnson and subsidiary DePuy Orthopaedics Inc. rushed a faulty hip implant to market, prompting the plaintiffs to appeal.
Each of the six plaintiffs in the third bellwether trial over DePuy’s Pinnacle Ultamet hip implant retained the jury’s awards of between $4 million and $6 million in compensatory damages, plus medical expenses, under judgment entered by U.S. District Judge Ed Kinkeade. But the eye-popping punitive damages awarded by the jury in a Dec. 1 verdict were reduced by close to half, with J&J and DePuy now on the hook for about $543 million in combined damages.
The jury had awarded $168 million in punitive damages to each of the plaintiffs. But Judge Kinkeade said under U.S. Supreme Court precedent, the Constitution limits how much a plaintiff can recover in punitive damages, and he capped the punitive awards at a multiple of about 9 times the amount of their individual compensatory damages.
Individual punitive damages figures under the judgment range from about $72.5 million to more than $109 million, totaling about $510 million in punitive damages.
Shortly after judgment was entered, the plaintiffs filed a notice of appeal targeted at the reduced damages awards, saying the district court should have entered judgment for the full amount of punitive damages found by the jury.
“Judge Kinkeade has always been a conservative law-and-order judge,” Mark Lanier of The Lanier Law Firm, an attorney for the plaintiffs, said Tuesday. “He reads the Supreme Court as capping punitives at a 9-to-1 multiplier. He followed his conservative read of the law, but we believe J&J should have to pay full punitives. So we appealed.”
The defense side signaled it plans to file its own appeal based on what it contends were numerous errors in pre-trial and trial proceedings.
“Now that judgment has been entered in these cases, the company can move forward with post-trial motions and appellate review of the legal errors with the trial,” J&J attorney John Beisner of Skadden Arps Slate Meagher & Flom LLP said in a statement. “The company will continue to fully defend against the claims in this litigation.”
The verdict was delivered in less than a day after a two-month trial. Jurors found J&J and DePuy had negligently designed the hip implant, failed to warn surgeons about dangerous conditions related to the implant, and concealed the implant’s risks.
Four of the plaintiffs’ spouses were also each awarded $1 million for loss of consortium and a total of $1 million in punitive damages.
The plaintiffs are represented by W. Mark Lanier of The Lanier Law Firm, Richard Arsenault of Neblett Beard & Arsenault, Jayne Conroy of Simmons Hanly Conroy LLC and Khaldoun Baghdadi of Walkup Melodia Kelly & Schoenberger, among others.
DePuy and Johnson & Johnson are represented by Steve Quattlebaum of Quattlebaum Grooms Tull & Burrow PLLC, John Anderson of Stoel Rives LLP, Dawn Estes of Estes Thorne & Carr, Michael Powell and Seth Roberts of Locke Lord LLP, and Stephen J. Harburg, John H. Beisner, Jessica Davidson Miller and Geoffrey M. Wyatt of Skadden Arps Slate Meagher & Flom LLP.
The individual cases are Andrews v. DePuy Orthopaedics Inc. et al., case number 3:15-cv-03484; Davis v. DePuy Orthopaedics Inc. et al., case number 3:15-cv-01767; Metzler v. DePuy Orthopaedics Inc. et al., case number 3:12-cv-02066; Rodriguez v. DePuy Orthopaedics Inc. et al., case number 3:13-cv-03938; Standerfer v. DePuy Orthopaedics Inc. et al., case number 3:14-cv-01730; and Weiser v. DePuy Orthopaedics Inc. et al., case number 3:13-cv-03631, in the U.S. District Court for the Northern District of Texas.
The MDL is In re: DePuy Orthopaedics Inc. Pinnacle Hip Implants Products Liability Litigation, case number 3:11-md-02244, in the U.S. District Court for the Northern District of Texas.
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