Johnson & Johnson Hit With $8 Billion Jury Verdict

Saturday, 12 Oct, 2019

The ruling involves a man who claimed the company failed to warn young men that they could grow breasts if they used the antipsychotic drug Risperdal. That award later was cut to $680,000 under Maryland law.

More than 7,000 of those cases are pending in Philadelphia state court, according to records. "Johnson & Johnson and [subsidiary] Janssen selected billions over childhood". "It may make sense to get out now".

Professor Carl Tobias, of the University of Richmond School of Law, told Reuters news agency he expected the punitive damages awarded to Mr Murray by jurors to be reduced on appeal. The drugmaker also faulted a judge's refusal to allow it to present mitigating evidence about Janssen's handling of the drug.

Earlier in August, the American multinational company was held accountable for the opioid crisis in Oklahoma and was hit hard by a U.S. state judge's landmark ruling as the company carried out years-long marketing campaign and minimized the addictive painkillers' risks.

J&J shares fell 1.75% in after hours trading.

An Oklahoma judge in August ordered J&J to pay $572.1 million to that state for its part in fueling the opioid crisis by deceptively marketing addictive painkillers, a sum that was substantially less than investors had expected.

Mr Murray's lawyers said in a statement: "This jury, as have other juries in other litigations, once again imposed punitive damages on a corporation that valued profits over safety and profits over patients".

The latest verdict stems from a lawsuit filed by Nicholas Murray, who said his use of Risperdal between 2003 and 2008 caused gynecomastia.

Murray alleges that he developed breasts after being prescribed the medicine when he was a minor.

Johnson & Johnson have been ordered to pay out billions of dollars.

Murray's lawyers claimed the drug, which is prescribed to treat schizophrenia, bipolar disorder, and other mental health disorders, can create a hormonal imbalance and elevate production of prolactin. Some juries had been improperly barred from weighing such damages in the past, the court concluded.

Back in 2015, Murray won a $680,000 compensatory award over those same claims. That award was later cut to $86.7 million.

Johnson & Johnson, based in New Jersey, had $15.3bn in net earnings in 2018. While the company already is in the crosshairs of prosecutors around the country for its involvement in the opioid epidemic hurting the country, the company was hit by a whopping fine recently over its antipsychotic drug.

This story has not been edited by Firstpost staff and is generated by auto-feed.