Judge Goodwin, who oversees all of the federal litigation involving the mesh implants, told C.R. Bard executives they are risking Bard’s future by not resolving pending litigation. Carl Tobias, product liability law professor at the University of Richmond told Bloomberg: “Bard has to take this very seriously because the judge is saying these cases could expose it to the kind of liability that could be the end of the company and result in a bankruptcy filing. It’s very rare for a federal judge to warn shareholders about the consequences of management failing to resolve lawsuits.” C.R. Bard agreed in Oct. 2014 to settle 500 lawsuits for $21 million. In filings with the U.S. Securities and Exchange Commission (SEC), Bard also said that it faces significant financial exposure over the claims; more than 12,400 vaginal mesh lawsuits have been filed in state and federal courts, according to Bloomberg. The FDA previously ordered a number of device makers, including C.R. Bard, Johnson & Johnson, and Boston Scientific Corp, to study rates of organ damage and complications associated with the devices following increasing injury reports and mounting lawsuits. The agency also said the devices should be subject to stronger safety requirements. At a hearing for 500 cases being prepped for trial, Judge Goodwin said C.R. Bard officials should be concerned given the recent jury awards against vaginal mesh implant makers. “If I were a stockholder of any of these companies, I would be materially interested in the fact that there have been multiple million-dollar verdicts for individual plaintiffs,” Judge Goodwin said at the hearing. The judge also said he was surprised investors have not put more pressure on device maker officials. 1.713.238.7758 rmatthews@dmlawfirm
Posted on: Sat, 27 Dec 2014 15:13:54 +0000
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