Johnson & Johnson (NYSE:JNJ) is willing to pay more than $400M to settle some of the thousands of consumer allegations that it sold defective artificial hips and hid the health risks of the devices, Bloomberg reports.
JNJ has settled or is in the process of settling 3,300 of ~10K lawsuits targeting its Pinnacle line of hip replacement devices, a judge said in a court filing earlier this week.
Company officials have agreed to pay an average of ~$125K per case to resolve about a third of the suits pending against the company over Pinnacle hips, according to the report; an average $125K payout for 3,300 cases would cost JNJ ~$413M.
JNJ is said to want to resolve the remaining Pinnacle cases before a trial gets underway in January.
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