UPDATE: J&J Risperdal anti-psychotic drug - TEXAS TMAP TRIAL "GUILTY" then settles for chump change while admitting to no liability or fault - corporate crime pays very well - will AstraZeneca & Seroquel be next?
Incredible & Shocking news out of Texas this morning, as a settlement is reached in the J&J TMAP Risperdal trial. J&J has made a estimated 28+ billion dollars on this drug and the energizer profit bunny is still going & going....J&J hid harmful side effects, buried damning studies, lied, lied some more, marketed the drug off label illegally to children, paid off government officials, and so much more.....& what happens....no one goes to prison, just some meaningless cost of doing business fines or settlements...and the crimes and corporate raping of America and society continues unabated....what went on in this backroom deal?...this goes way beyond not smelling right...why didn't the jury have an opportunity to make a rational judgement based on the evidence & reach a verdict?I sincerely hope people get angry, sick, & tired of these backroom deals, subversion of our justice system, and the elitist corporate power brokering when it comes to these crimes that have destroyed countless victims lives…where is their justice? The answer to that question; There is none
SO WHAT HAS REALLY CHANGED? I suspect, very little….so very little indeed…
I invite you to read the real story & tragedy behind TMAP - this is what J&J, AstraZeneca, Lilly, & BMS actually did to countless thousands & thousands of children...the victims don't get to just walk away unscathed while profiteering beyond imagination...All of America should feel ashamed today...the Texas Attorney General Gregg Abbott should look in the mirror and see the people he is supposed to represent...he should go personally to witness the carnage...visit with the victims...instead of making amiable political backroom deals with criminal corporations...shameful doesn't begin to tell this story..
Johnson & Johnson subsidiary settles Texas lawsuit over anti-psychotic drug for $158 million
The lawsuit was one of dozens of state and federal cases alleging that the company committed fraud by making false or misleading statements about the safety, cost and effectiveness of the expensive anti-psychotic medication Risperdal, and improperly influencing officials and doctors to push the drug.
But analysts called the $158 million figure a victory for J&J, which made billions off Risperdal, because the deal allowed the company to avoid a much larger verdict in a state with a reputation as an easy place to win big jury awards.
The settlement also is far less than the $327 million Johnson & Johnson recently was ordered to pay in South Carolina and the $258 million it was ordered to pay in Louisiana in Risperdal lawsuits.
“For Johnson & Johnson, it’s a mighty easy result,” said Eric Gordon, a clinical professor at the University of Michigan’s Ross School of Business. “The legal team at Johnson & Johnson are doing high fives.”
J&J to pay $158 million to settle Risperdal case
CHICAGO (MarketWatch) -- Johnson & Johnson's Janssen Pharmaceuticals unit said Thursday it has reached a settlement with the State of Texas under which it will pay $158 million "in full resolution of all claims" in litigation over its antipsychotic drug Risperdal. The deal will cover claims brought by the state in 2004 for Medicaid overpayment from 1994 to 2008 "and will circumvent potentially lengthy and costly appellate activities," the company said. Sharing in the money will be the original plaintiff, his attorneys, the state of Texas and the federal government. Shares of Johnson & Johnson JNJ -0.32% were down about 1% in morning action.
from 1 Boring Old Man blog
Posted on Thursday 19 January 2012
Update 10:20 AM: I just got this email from Austin: "I wanted to let you know that a settlement is being announced this morning in Austin. I have no additional details right now, but should learn more later today."
Update 10:40 AM: PHARMALOT TWITTER: Johnson & Johnson to settle charges brought by Texas AG of illegally promoting Risperdal: sources.. announcement due shortly…
J&J Said to Settle Texas Risperdal Anti-Psychotic Drug Case
By Jef Feeley and Margaret Cronin Fisk
January 19, 2012, 10:23 AM EST
Johnson & Johnson agreed to settle Texas officials’ claims that the drugmaker fraudulently marketed its Risperdal anti-psychotic drug and end a trial over the allegations, people familiar with the case said. The settlement will be announced in court today, the people said.
SIDE NOTE: The comment section should be buzzing with excellent feedback well worth reading...
**updates to this post will be done as information becomes available**