I guess it is a good thing that some victims win large settlements against these irresponsible companies. The sad part is that often, even after settling with all the plaintiffs, the companies still come out way ahead because of the profits made selling the crap. If they were held accountable as they should be. They should not be able to profit from selling harmful products at all.
“All the big pharmas” have lawsuits, the analyst concluded, sipping an espresso. “It’s just not a big deal.”
Indeed, with before-tax profits of $20.6 billion for 2014 alone, putting aside $500 million or even $1 billion a year over 15 years to cover payouts for boys with 46DD breasts and other claims that might come along doesn’t put much of a dent in the company’s financials.
As Johnson & Johnson declared in a filing with the Securities and Exchange Commission three weeks before the analysts’ conference, “In the Company’s opinion … the ultimate outcome of legal proceedings, net of liabilities accrued in the Company’s balance sheet, is not expected to have a material adverse effect on the Company’s financial position.”
“All the big pharmas” have lawsuits, the analyst concluded, sipping an espresso. “It’s just not a big deal.”
> “Oh, they’ve already reserved for that stuff,” one of the Wall Street analysts told me during a coffee break. He meant that in Johnson & Johnson’s financials, there had been money taken from earnings and put into a column vaguely called “accrued liabilities,” in order to account for the expected billions that might have to be paid out in verdicts or settlements.
> “It’s their cost of doing business,” the analyst added, perhaps unintentionally echoing the view of one senior J&J lawyer who told me that the cases against his company are the unavoidable price of dealing with a litigation system easily abused by those targeting big corporations."
You nailed it so succinctly. I can only add one word - Truth!
Thank you for following - they are going to have to kill me or imprison me to stop me spreading truth. I cannot be bought!
I guess it is a good thing that some victims win large settlements against these irresponsible companies. The sad part is that often, even after settling with all the plaintiffs, the companies still come out way ahead because of the profits made selling the crap. If they were held accountable as they should be. They should not be able to profit from selling harmful products at all.
“All the big pharmas” have lawsuits, the analyst concluded, sipping an espresso. “It’s just not a big deal.”
Indeed, with before-tax profits of $20.6 billion for 2014 alone, putting aside $500 million or even $1 billion a year over 15 years to cover payouts for boys with 46DD breasts and other claims that might come along doesn’t put much of a dent in the company’s financials.
As Johnson & Johnson declared in a filing with the Securities and Exchange Commission three weeks before the analysts’ conference, “In the Company’s opinion … the ultimate outcome of legal proceedings, net of liabilities accrued in the Company’s balance sheet, is not expected to have a material adverse effect on the Company’s financial position.”
“All the big pharmas” have lawsuits, the analyst concluded, sipping an espresso. “It’s just not a big deal.”
> “Oh, they’ve already reserved for that stuff,” one of the Wall Street analysts told me during a coffee break. He meant that in Johnson & Johnson’s financials, there had been money taken from earnings and put into a column vaguely called “accrued liabilities,” in order to account for the expected billions that might have to be paid out in verdicts or settlements.
> “It’s their cost of doing business,” the analyst added, perhaps unintentionally echoing the view of one senior J&J lawyer who told me that the cases against his company are the unavoidable price of dealing with a litigation system easily abused by those targeting big corporations."