Johnson and Johnson (NYSE:JNJ)
Historical Stock Chart
2 Months : From Dec 2019 to Feb 2020
By Peter Loftus
A Philadelphia judge has reduced the amount of punitive damages Johnson & Johnson must pay in a lawsuit over its antipsychotic Risperdal to $6.8 million from the $8 billion awarded by a jury in October.
The decision stems from a jury's decision to award $8 billion in such damages to a Maryland man who said his use of Risperdal as a child caused enlarged breasts and said J&J failed to properly warn of this risk.
J&J had asked for the amount of punitive damages to be reduced, arguing they were excessive and disproportionate to the $680,000 in compensatory damages awarded to the man, Nicholas Murray, in the case.
J&J said in a statement the judge "appropriately reduced the excessive punitive damages award," but it will continue to pursue an appeal of the verdict. J&J said it appropriately outlined the benefits and risks of Risperdal.
Thomas Kline, an attorney for Mr. Murray, said the judge's reduction "wipes out a valid award of a jury" and fails to punish corporate misconduct. Mr. Kline said he plans to appeal the reduction and seek to reinstate the $8 billion award.
The $8 billion verdict had been the biggest to among lawsuits by about 13,000 plaintiffs alleging that Risperdal caused a condition called gynecomastia in boys, which involves enlargement of breast tissue. The lawsuits generally claim that J&J was aware of the risk of this side effect, but understated the risk to doctors. J&J has denied the claims.
Write to Peter Loftus at email@example.com
(END) Dow Jones Newswires
January 17, 2020 15:43 ET (20:43 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.