J&J's $8B Jury Award In Risperdal Case Cut To $6.8M By Judge
Zacks Investment Research | Jan 19, 2020 08:17PM ET
A Philadelphia judge slashed the amount of punitive damages awarded to Johnson & Johnson (NYSE:JNJ) by a jury in October from $8 billion to $6.8 million in a lawsuit related to its antipsychotic drug, Risperdal. The decision was given by Judge Kenneth Powell of the Philadelphia Court of Common Pleas
In October last year, J&J was ordered by a Philadelphia jury to pay $8 billion in punitive damages in the abovementioned case. The lawsuit filed by Nicholas Murray claimed that J&J did not warn of the risk that young men using Risperdal can develop enlarged breasts.
J&J faces more than 13,000 similar lawsuits alleging that use of Risperdal causes enlargement of breast tissues in boys — a condition known as gynecomastia. The $8 billion- award was the biggest in the pending Risperdal lawsuits, which have been primarily filed in state courts in Pennsylvania, California and Missouri. Earlier, a compensatory damage award of $680,000 was paid to Murray in the same lawsuit.
J&J’s stock has risen 14.1% in the past year compared with an increase of 14.4% recorded by the Zacks Investment Research
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