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Yahoo
2 days ago
- Business
- Yahoo
Judge Orders J&J Subsidiary to Pay $442 Million in Antitrust Lawsuit
Johnson & Johnson (NYSE:JNJ) is one of the best Dow stocks to invest in. Recently, a federal judge ruled that a Johnson & Johnson subsidiary must pay $442 million in damages after a jury concluded last month that the company had broken antitrust laws by withholding support from hospitals that used reprocessed catheters. U.S. District Judge James Selna ordered the company to pay three times the $147 million in damages awarded by the jury, as permitted under antitrust regulations. This sum does not include legal fees or other related costs. Daniel Vukelich, CEO of the Association of Medical Device Reprocessors, described the decision as 'a seismic result.' In response, a Johnson & Johnson (NYSE:JNJ) spokesperson said the company intends to appeal the verdict but will comply with the court's decision and any required relief for now. The spokesperson added, 'We strongly disagree with the jury's verdict and believe it will not withstand appellate review.' Innovative Health sued Johnson & Johnson (NYSE:JNJ)'s Biosense Webster in 2019, claiming the company used its market power to block hospitals from using reprocessed heart-mapping catheters by tying support for its Carto 3 system to purchases of its own products. A jury found Johnson & Johnson (NYSE:JNJ) violated antitrust laws by withholding support for the reprocessed devices. AMDR's CEO said the ruling signals that anti-competitive tactics against reprocessing won't be tolerated. The case was heard in the U.S. District Court for the Central District of California. While we acknowledge the potential of JNJ as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: and Disclosure. None.
Yahoo
2 days ago
- Business
- Yahoo
Judge Orders J&J Subsidiary to Pay $442 Million in Antitrust Lawsuit
Johnson & Johnson (NYSE:JNJ) is one of the best Dow stocks to invest in. Recently, a federal judge ruled that a Johnson & Johnson subsidiary must pay $442 million in damages after a jury concluded last month that the company had broken antitrust laws by withholding support from hospitals that used reprocessed catheters. U.S. District Judge James Selna ordered the company to pay three times the $147 million in damages awarded by the jury, as permitted under antitrust regulations. This sum does not include legal fees or other related costs. Daniel Vukelich, CEO of the Association of Medical Device Reprocessors, described the decision as 'a seismic result.' In response, a Johnson & Johnson (NYSE:JNJ) spokesperson said the company intends to appeal the verdict but will comply with the court's decision and any required relief for now. The spokesperson added, 'We strongly disagree with the jury's verdict and believe it will not withstand appellate review.' Innovative Health sued Johnson & Johnson (NYSE:JNJ)'s Biosense Webster in 2019, claiming the company used its market power to block hospitals from using reprocessed heart-mapping catheters by tying support for its Carto 3 system to purchases of its own products. A jury found Johnson & Johnson (NYSE:JNJ) violated antitrust laws by withholding support for the reprocessed devices. AMDR's CEO said the ruling signals that anti-competitive tactics against reprocessing won't be tolerated. The case was heard in the U.S. District Court for the Central District of California. While we acknowledge the potential of JNJ as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: and Disclosure. None.
Yahoo
3 days ago
- Business
- Yahoo
Judge rules J&J unit must pay $442M in antitrust case
This story was originally published on MedTech Dive. To receive daily news and insights, subscribe to our free daily MedTech Dive newsletter. A federal judge ruled on Thursday that a Johnson & Johnson subsidiary must pay $442 million in damages after a jury found last month that the company violated antitrust rules by withholding support to hospitals that bought reprocessed catheters. District Judge James Selna ruled that J&J must pay triple the $147 million in damages determined by the jury, as allowed under antitrust law. The amount is separate from costs and attorneys' fees. Daniel Vukelich, CEO of the Association of Medical Device Reprocessors, said the ruling was 'a seismic result.' A J&J spokesperson wrote in an email that the company plans to appeal but will comply with the ruling and any court-ordered relief in the meantime. 'We strongly disagree with the jury's verdict and believe it will not withstand appellate review,' the spokesperson wrote. Innovative Health, which sells reprocessed catheters, filed the lawsuit against J&J subsidiary Biosense Webster in 2019. The company claimed J&J had a monopoly on heart-mapping catheters, and that it tied support for its Carto 3 mapping system to purchases of mapping and ultrasound catheters. A jury found on May 16 that J&J had violated the Sherman Act and California's Cartwright Act by withholding support from reprocessed versions of J&J's catheters. Reprocessed devices have been used in a procedure before, and are disinfected or sterilized. AMDR's Vukelich said the ruling 'sends an unmistakable message to all device manufacturers: anti-competitive, anti-reprocessing tactics won't be tolerated by the courts or by hospitals committed to cost savings, sustainability, and patient care.' The case was filed in the U.S. District Court for the Central District of California, Southern Division. Recommended Reading J&J subsidiary ordered to pay $147M for violating antitrust rules Sign in to access your portfolio
