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Jump from 48,500 to 56,500
Take a look Yet another year of a dramatic increase in lawsuits against Johnson & Johnson and subsidiaries over a variety of products.
Keywords: levaquin, risperdal, asr, hip, transvaginal, tvt, mesh, lawsuit
Date Created/Edited: April 23, 2015
It's that time of year again. Time to take a peek at the number of lawsuits against Johnson & Johnson and their 265+ subsidiaries. Not surprisingly, lawsuits in the United States alone have dramatically risen, from 48,500 in 2013 to 56,600 in 2014. The links are to the respective shareholder reports. The information is in Section 21 in each report. Although the growth of the number of lawsuits has slowed, the number of lawsuits against Johnson & Johnson a healthcare company, is way beyond acceptible.
The 2013 Shareholder Report Discloses:
1,165 Levaquin Lawsuits
12,340 ASR Hip Lawsuits
5,560 Pinnacle Hip Lawsuits
500 Risperdal Lawsuits
28,810 Mesh Product Lawsuits
22 Duragesic Lawsuits
140 Topomax Lawsuits
The 2014 Shareholder Report Discloses:
As of December 28, 2014, in the U.S. there were approximately:
11,200 ASR™ XL Acetabular System and DePuy ASR™ Hip Resurfacing System
7,300 PINNACLE® Acetabular Cup System
36,600 with respect to pelvic meshes
1,200 with respect to RISPERDAL
Again this year, the lawsuit list does not include other products such as Xarelto, Heart Stents, butt staplers, bone cement and others. Additionally, this scant lawsuit list is only listing some of the lawsuits in the United States, and does not include all the lawsuits in numerous other countries around the world for the same, and other, products.
If it cost an average of a million dollars to settle each case, the cost of this massive litigation (using only the lawsuits listed in the shareholder report for the US) will total well above $56.6 BILLION - a major cut into J&J's net worth of $69.75 billion. This will leave only $13.15 billion to deal with the lawsuits filed Johnson & Johnson in Australia, Belgium, Canada, England, Israel, Italy, the Netherlands, Scotland, the United Kingdom and Venezuela mentioned in the Shareholder Report.
Let's all not forget that the costs related to the survival of victims of Johnson & Johnson products are pushed off onto the social healthcare system. The extreme medical needs are paid for with consumer healthcare dollars through programs such as Medicaid. The victims with permanent diabilities are pushed onto the already failing Social Security Disability program. Although the costs related to the care of hundreds of thousands of victims around the world are pushed onto already struggling taxpayers. Did you see that Johnson & Johnson CEO Alex Gorsky. the decision-maker for many of the known harmful products, gave himself a raise from $17 million to $25 million for 2014.
Does anyone else find this a wee bit absurd?
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1. Johnson & Johnson (2013, December). Johnson & Johnson 2013 Shareholder Report. Johnson & Johnson. Retrieved from http://files.shareholder.com/downloads/JNJ/3461521603x0x733042/DDD2ABD5-2CC6-41D2-8ACB-EC2A967727E4/ar2013_JNJ.pdf
2. Johnson & Johnson (2014, December). Johnson & Johnson 2014 Shareholder Report. Johnson & Johnson. Retrieved from http://files.shareholder.com/downloads/JNJ/77771136x0x815170/816798CD-60D9-4653-BB5A-50A66FD5B9E7/JNJ_2014_Annual_Report_bookmarked_.pdf
3. Yahoo (2014, June). Johnson & Johnson Balance Sheet (Quarterly). YCharts (Yahoo Finance). Retrieved from http://ycharts.com/financials/JNJ/balance_sheet/quarterly
4. Johnson & Johnson (2012, December). Johnson & Johnson 2012 Shareholder Report. Johnson & Johnson. Retrieved from http://files.shareholder.com/downloads/JNJ/3461521603x0x644760/85FD0CFF-2305-4A02-8294-2E47D0F31850/JNJ2012annualreport.pdf