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Johnson’s owe a bit of money


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Definitely will be reduced and even if not, this is when the defense lawyers go to plaintiff’s lawyers and say “check this out. 4 years of appeals—and the costs associated with it, which you pay out of pocket on behalf of your client, and get nadda if we win—or we settle now for 10 cents on the dollar.”

Lawyers are required to take all settlement offers to client. Once a plaintiff smells those millions in their bank account, they rarely say no.

 

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44 minutes ago, docdhc said:

Woody and Chris have nothing to do with the company although they probably own a bit of stock. 

How do people not know this at this point?

-grabs random person named "Johnson" off the street and scream "YOU OWE MONEY NOW BITCH!!!!".......

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22 minutes ago, Embrace the Suck said:

I'd bet its overturned. They weren't writing prescriptions or using them in a manner otherwise intended. Sue the doctors writing fraudulent the scrips. Call for the FDA to revisit oxys and tighten up their scheduling. Otherwise it's just a cash grab.

The distributors/wholesalers are gonna get hammered 

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42 minutes ago, edscuba said:

Pocket change for J and J. Plus they have insurance policies to pay for these things.

 

Yup....from the article:

Janssen, one of the largest manufacturers of brand-name drugs in the country, reported 2018 sales of $23.3 billion in the United States.

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50 minutes ago, edscuba said:

Pocket change for J and J. Plus they have insurance policies to pay for these things.

 

I’d be stunned if they are not self-insured.  Extremely difficult to find liability insurance for these kinda suits—and even if you can, it’s a nightmare to deal with. Back when I worked this kinda stuff we had a policy (was easier to get in Europe back then) and the insurers severely limited our freedom of action in defending the suits. JNJ wants to chart their own destiny. Plus, I don’t know any insurance for punitive damages—it might not even be legal. Major moral hazard risk.

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45 minutes ago, jgb said:

I’d be stunned if they are not self-insured.  Extremely difficult to find liability insurance for these kinda suits—and even if you can, it’s a nightmare to deal with. Back when I worked this kinda stuff we had a policy (was easier to get in Europe back then) and the insurers severely limited our freedom of action in defending the suits. JNJ wants to chart their own destiny. Plus, I don’t know any insurance for punitive damages—it might not even be legal. Major moral hazard risk.

I used to work for a company who ran a water park/ski resort, insurance was so astronomically high that they created an insurance company and insured themselves to save money. I know they no longer do that, not exactly sure the legality with it. 

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1 hour ago, bla bla bla said:

I used to work for a company who ran a water park/ski resort, insurance was so astronomically high that they created an insurance company and insured themselves to save money. I know they no longer do that, not exactly sure the legality with it. 

You are right. A captive insurance company.

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4 minutes ago, jgb said:

You are right. A captive insurance company.

It’s actually called self insurance. 

It’s not really insurance, they self fund the losses because it pales in comparison to the size of the company, they just have employees subsidize some of the losses. In order to call it insurance they are required to be qualified by the insurance department of a state, so the set up a captive. 

Maybe they have some reinsurance but they mostly eat everything less the amounts paid by employees as contributions. 

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3 minutes ago, Peace Frog said:

It’s actually called self insurance. 

It’s not really insurance, they self fund the losses because it pales in comparison to the size of the company, they just have employees subsidize some of the losses. In order to call it insurance they are required to be qualified by the insurance department of a state, so the set up a captive. 

Maybe they have some reinsurance but they mostly eat everything less the amounts paid by employees as contributions. 

Read my prior post about JNJ being self-insured.

i looked into setting up a captive once, decided against it. You actually need to be a “real” insurance company to qualify. I.e. insure other companies as well. So what do the captives do? Insure other companies with captives. Big shell game.

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9 hours ago, Embrace the Suck said:

I'd bet its overturned. They weren't writing prescriptions or using them in a manner otherwise intended. Sue the doctors writing fraudulent the scrips. Call for the FDA to revisit oxys and tighten up their scheduling. Otherwise it's just a cash grab.

Total cash grab, just like suing a gun maker or tobacco company.

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17 hours ago, Embrace the Suck said:

I'd bet its overturned. They weren't writing prescriptions or using them in a manner otherwise intended. Sue the doctors writing fraudulent the scrips. Call for the FDA to revisit oxys and tighten up their scheduling. Otherwise it's just a cash grab.

J&J misrepresented the addictiveness of the drugs to both Drs and patients.  That said this fune is piss in the ocean to them. That is a 300 billion dollar company.  

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