NEW YORK, Jan. 22, 2014 /PRNewswire/ -- Johnson & Johnson, which is facing thousands of DePuy ASR lawsuits (http://www.consumerinjurylawyers.com/DePuy/ ) over its recalled hip implants, disclosed yesterday that the recall continues to impact its bottom line, Bernstein Liebhard LLP reports. According to the company, 2013 fourth quarter profits were up 37% over the same period a year ago. However, Johnson & Johnson also revealed that it took an after-tax charge of $42 million relating to a number of factors, including litigation accrual and program costs associated with the DePuy ASR recall. That was an improvement over the fourth quarter of 2012, when the company recorded $800 million in charges, most of which also related to the DePuy ASR recall.
"The recall resulted in thousands of DePuy ASR lawsuit filings. It's not surprising that nearly four years later, this issue continues to impact Johnson & Johnson's bottom line," says Bernstein Liebhard LLP, a nationwide law firm representing the victims of defective drugs and medical devices, including hundreds of clients who have filed DePuy ASR lawsuits. The Firm continues to offer free legal evaluations to individuals who experienced serious complications allegedly related to the DePuy ASR recall.
DePuy ASR Recall
Johnson & Johnson announced the DePuy ASR hip recall in August 2010, after the metal-on-metal hips were found to be failing early in 12-to-13% of recipients. However, court documents revealed in the course of the DePuy ASR litigation indicate that the true premature failure rate could exceed 40%. At least 93,000 artificial hips were involved in the worldwide recall, including 37,000 that were sold in the U.S.
According to court documents, Johnson & Johnson and its DePuy Orthopaedics unit have since been named in more than 12,000 DePuy ASR lawsuits, most of which are pending in a multidistrict litigation underway in U.S. District Court, Northern District of Ohio. In November 2013, a DePuy ASR settlement proposal was announced that could ultimately resolve around 8,000 of these claims. If it is adopted, the settlement program would be limited to ASR hip recipients who underwent revision surgery for a reason related to the recall no later than August 31, 2013. Eligible plaintiffs would be entitled to a base award of $250,000. That award could be reduced, however, depending on certain other factors, including their prior medical history. Other circumstances could entitle plaintiffs to a supplemental award if they, for example, underwent multiple revision surgeries, or experienced the development of "certain extraordinary injuries" in the future. (In re: DePuy Orthopaedics, Inc. ASR Hip Implant Products Liability Litigation – MDL 2197
To take effect, the DePuy ASR settlement must be accepted by 94% of eligible plaintiffs. However, the proposed agreement does not in any way preclude plaintiffs who do not qualify for the settlement from pursing legal claims against Johnson & Johnson and DePuy.
Individuals who suffered serious and debilitating complications related to the DePuy ASR recall may be entitled to compensation for their medical bills, lost wages, pain and suffering, and more. To learn more about the DePuy ASR recall, please visit the Firm's website. Free, no-obligation case reviews may also be obtained by calling (888) 340-4807.
About Bernstein Liebhard LLP
Bernstein Liebhard LLP is a New York-based law firm exclusively representing injured persons in complex individual and class action lawsuits nationwide since 1993, including those who have been harmed by dangerous drugs, defective medical devices and consumer products. The firm has been named by The National Law Journal to the "Plaintiffs' Hot List," recognizing the top plaintiffs' firms in the country, for the past 11 consecutive years.
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ATTORNEY ADVERTISING. © 2014 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (888) 340-4807. Prior results do not guarantee or predict a similar outcome with respect to any future matter.
Felecia L. Stern, Esq.
Bernstein Liebhard LLP
SOURCE Bernstein Liebhard LLP