J&J and DOJ close to settlement in Risperdal case
The Department of Justice and Johnson & Johnson are close to reaching a settlement in the long-running case involving Risperdal, Reuters reports.
June 21, 2012 at 07:03 AM
1 minute read
The original version of this story was published on Law.com
The Department of Justice (DOJ) and Johnson & Johnson (J&J) are close to reaching a settlement in the long-running case involving Risperdal, Reuters reports.
The case dates back to 2004 when the U.S. government began a civil investigation against J&J claiming the pharmaceutical company marketed the schizophrenic drug for unapproved illnesses, including bipolar disorder, dementia, and mood and anxiety disorders. Soon after, individual states, including Texas and Arkansas, began suing J&J over Risperdal marketing.
According to Reuters, anonymous sources familiar with the case said the two sides are discussing a settlement of somewhere between $1.5 billion and $1.7 billion, but it could exceed $2 billion. Sources also said the DOJ and J&J are expected to reach an agreement in a few weeks.
In March, federal prosecutors rejected a proposed settlement of $1 billion with J&J because they were seeking a larger amount.
Before J&J lost its patent on Risperdal, it was the company's best-selling drug.
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