Most of the remaining metal-on-metal hip cases facing Johnson & Johnson (NYSE:JNJ) subsidiary DePuy could reportedly be settled for about $1 billion.
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.
