Johnson & Johnson may pay as much as $1 billion to insurers who covered the medical costs of removing its recalled hip implants under a settlement announced last week, according to a lawyer involved in the accord.
Johnson & Johnson failed to warn doctors of the risks of defective metal hip implants that it didn’t test properly, a lawyer told a Los Angeles jury in the first of 10,000 lawsuits over the device to go to trial.
Andrew Ekdahl, the president of Johnson & Johnson’s DePuy unit, told jurors the company recalled 93,000 all-metal hip implants because they “did not meet the clinical needs for the product” and not because they were unsafe.
Johnson & Johnson failed in developing an all-metal hip implant to forecast key flaws that led to its recall in 2010, a project manager told jurors in the first of 10,000 lawsuits over the device to go to trial.
Johnson & Johnson’s DePuy unit took “inappropriate” steps to identify and eliminate risks in the design of 93,000 all-metal hip implants that J&J recalled, a company compliance manager told a California jury.
Simon Property Group Inc. directors improperly refused to let shareholders vote on changes to the real-estate company’s executive compensation plan that resulted in a $120 million stock award to Chief Executive Officer David Simon, investors’ lawyers argued.