J&J's (JNJ) Janssen Settles RISPERDAL Suit w/ 36 States and D.C.; Will Pay $181M
Tweet Send to a FriendGet Alerts JNJ Hot Sheet
Price: $86.70 -0.58%
Overall Analyst Rating:
NEUTRAL (= Flat)
Dividend Yield: 3%
Revenue Growth %: +8.7%
Overall Analyst Rating:
NEUTRAL (= Flat)
Dividend Yield: 3%
Revenue Growth %: +8.7%
Trade JNJ Now!
Johnson & Johnson's (NYSE: JNJ) Janssen Pharmaceuticals, Inc., a Johnson & Johnson company, announced a settlement and consent decree today with 36 states and the District of Columbia regarding previously disclosed allegations related to promotional and marketing practices for its atypical antipsychotic prescription medication RISPERDAL.
The company will pay approximately $181 million, an amount which has been previously accrued, as part of a consent decree to resolve state consumer protection law claims in the 36 states and the District of Columbia related to this matter. A designated portion of the total amount will be paid to each state participating in the settlement.
The settlement is not an admission of wrongdoing or violation of any law or regulation. The company agreed to the settlement to resolve the concerns of the attorneys general under state consumer protection laws and to avoid unnecessary expense and a prolonged legal process. All parties have acknowledged that the payment is not a fine or penalty.
As part of the settlement, Janssen reaffirmed it would not promote any of its atypical antipsychotics for off-label uses or make any false or misleading claims related to those products. The company takes its obligation to ensure the safe and appropriate use of its medications very seriously and has a system in place to ensure that marketing and promotion policies are followed.
In addition to the District of Columbia, the 36 states participating in the settlement are: Alabama, Arizona, Colorado, Connecticut, Delaware, Florida, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Maine, Maryland, Michigan, Minnesota, Missouri, Nebraska, Nevada, New Hampshire, New Jersey, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Dakota, Tennessee, Texas, Vermont, Washington, Wisconsin and Wyoming.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
The company will pay approximately $181 million, an amount which has been previously accrued, as part of a consent decree to resolve state consumer protection law claims in the 36 states and the District of Columbia related to this matter. A designated portion of the total amount will be paid to each state participating in the settlement.
The settlement is not an admission of wrongdoing or violation of any law or regulation. The company agreed to the settlement to resolve the concerns of the attorneys general under state consumer protection laws and to avoid unnecessary expense and a prolonged legal process. All parties have acknowledged that the payment is not a fine or penalty.
As part of the settlement, Janssen reaffirmed it would not promote any of its atypical antipsychotics for off-label uses or make any false or misleading claims related to those products. The company takes its obligation to ensure the safe and appropriate use of its medications very seriously and has a system in place to ensure that marketing and promotion policies are followed.
In addition to the District of Columbia, the 36 states participating in the settlement are: Alabama, Arizona, Colorado, Connecticut, Delaware, Florida, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Maine, Maryland, Michigan, Minnesota, Missouri, Nebraska, Nevada, New Hampshire, New Jersey, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Dakota, Tennessee, Texas, Vermont, Washington, Wisconsin and Wyoming.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
You May Also Be Interested In
- Janssen Pharma (JNJ) Plans Slew of Filing, Extension Submissions by FY17
- J. C. Penney (JCP) Enters $2.25B Secured Term Loan Facility
- Acacia Research (ACTG) Enters Settlement with Red Hat (RHT)
Create E-mail Alert Related Categories
Corporate News, FDA, LitigationComments
Login with Facebook
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
Risperdal same as Zyprexa
Daniel Haszard on Sep 2, 2012 01:32 PMMark as Spam | Reply to this comment
Reg; J&J Risperdal scandal fine.
Risperdal reproached.
Thank you for reporting this breaking news,the atypical antipsychotic drug promoters are ‘reaping the whirlwind’.My case was with Eli Lilly Zyprexa same saga.
Four years of off-label Zyprexa use gave me life-long diabetes.-Daniel Haszard
FMI Google-Haszard Zyprexa
(Risperdal is cousin of Zyprexa except that J&J is not getting any mercy because of association with family care products.)