The deal, which includes a prior $400 million settlement, covers about 95% of the 6,000 cases involving Pinnacle hip implants that had to be removed, Bloomberg reported, citing two “people with knowledge of the matter.” There are still some 4,500 pending cases involving Pinnacle components or implants that didn’t require removal, the wire service reported.
New Brunswick, N.J.-based J&J is settling with individual attorneys for a lump sum, which the attorneys then distribute among their clients, with more seriously injured patients awarded more.
J&J spokeswoman Mindy Tinsley told the news service today that settlement negotiations are still under way and that the company has set cash aside to cover its legal costs.
At DeviceTalks Boston, Tyler Shultz will give attendees an inside look at Theranos and how he was able to sound the alarm after he realized the company was falling apart. Shultz will take attendees behind the story that everyone is talking about: the rise and fall of Elizabeth Holmes and her diagnostic company, Theranos.
Join Shultz and 1,000+ medical device professionals at the 8th annual DeviceTalks Boston.