Rottenstein Law Group Intrigued by Shrinking Reserve Figure Set Aside by Johnson & Johnson for DePuy Victims
(New York, NY July 25, 2011) The Rottenstein Law Group, which represents clients with claims stemming from the failures of defective hip replacement devices manufactured and sold by DePuy Orthopaedics, a division of Johnson & Johnson, is intrigued by word that the company’s compensation reserve fund set aside for victims of the DePuy ASR recall seems to be shrinking.
According to a July 19 press release from Johnson & Johnson, the company registered sales of $16.6 billion during the second quarter of 2011, an 8.3 percent increase from the second quarter of 2010. The earnings report made mention of a “net after-tax charge of $223 million representing the net impact of expenses related to litigation, additional DePuy ASR hip recall costs, and an after-tax mark-to-market gain associated with the currency option related to the planned acquisition of Synthes, Inc.”
Previously, Johnson & Johnson had announced a fourth quarter 2010 after-tax charge of $922 million set aside to cover litigation, damages and other costs associated with the DePuy ASR hip recall.
In August, 2010, DePuy announced a global recall of two hip replacement devices: the ASR Hip Resurfacing System, and the ASR XL Acetabular System. The recall affects 93,000 people worldwide who were implanted with the devices, which many in the medical community believe were poorly designed. These metal-on-metal hip implants can become compromised from normal wear and tear, causing metal from the components to flake off into the recipients’ bloodstream. This has been known to cause inflammation and tissue damage, along with other symptoms that could potentially lead to a recipient needing a revision surgery to correct the problem.
More recently, issues with DePuy’s Pinnacle hip replacement system were revealed. More than 50 claimants have already filed cases alleging that, similar to the ASR systems, the Pinnacle products were poorly designed and that there were no warnings issued by DePuy concerning Pinnacle. The Pinnacle implants have caused similar problems in those who received these devices as part of a hip replacement surgery.
The Rottenstein Law Group is advising anyone with a friend or relative who has undergone a hip replacement procedure to reach out to that person and recommend that he or she consult a physician immediately and then speak to a qualified personal injury lawyer. The Rottenstein Law Group lawyers have a total of more than 25 years of experience fighting for the rights of clients who have suffered harm due to the negligence of powerful corporations. Affected individuals can also stay apprised of the latest developments in the DePuy Pinnacle situation by visiting the DePuy Pinnacle Lawsuit Information Center. Updates will be posted as they become available, including news about a possible DePuy Pinnacle recall. The site is equipped with easy-to-use social media features which will enable users to spread the word about DePuy Pinnacle hip replacement device failures.
About the Rottenstein Law Group
The Rottenstein Law Group is a New York-based law firm that represents clients in mass tort actions. The firm was founded by Rochelle Rottenstein, a lawyer with over two decades of experience in compassionate representation of clients in consumer product injury, mass tort, and class action law suits. For more information, please visit their Web site, or call (888) 9-ROT-LAW.
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