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Johnson & Johnson (JNJ) Financial News - J&J Tentatively Agrees to Settle Risperdal Criminal Charge

Johnson & Johnson (JNJ)

J&J Tentatively Agrees to Settle Risperdal Criminal Charge

Quote: Johnson & Johnson (JNJ) said it reached an agreement to settle a misdemeanor criminal charge related to marketing of its antipsychotic drug Risperdal. Justice Department and the U.S. attorney in Philadelphia “are continuing to pursue both criminal and civil actions,” the company said. “Discussions have been ongoing in an effort to resolve criminal penalties under the Food Drug and Cosmetic Act related to the promotion of Risperdal,” J&J said. “Certain issues remain open before a settlement can be finalized.” New BrunswickNew Jersey, said it wasn’t sure a settlement could be reached on those claims. J&J said it has been notified by the U.S. government that the Justice Department will intervene or join multiple lawsuits filed by whistleblowers against the company’s Janssen Pharmaceuticals unit over Risperdal sale practices. The lawsuits, brought under the U.S. False Claims Act, were filed under seal and haven’t yet been made public. States Sued Terri Mueller, a company spokeswoman, didn’t immediately return a call seeking comment. “The ultimate resolution of the above criminal and these civil matters is not expected to have a material adverse effect on the company’s financial position,” J&J officials said in yesterday’s filing. Johnson & Johnson and the Janssen unit have been sued by 11 states seeking reimbursement for Medicaid or other public funds paid on Risperdal prescriptions, the company said. The lawsuits allege that the company promoted the drug for dementia, mood and anxiety disorders and other unapproved uses, or downplayed risks. Louisiana ordered the drugmaker to pay almost $258 million to state officials for making misleading claims about the antipsychotic’s safety. J&J officials said in yesterday’s filing that case is on appeal. In June, a South Carolina judge ordered J&J officials to pay $327 million in penalti...
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