BD (Becton, Dickinson and Company) (BDX) has announced that it has reached an agreement to resolve the majority of its hernia-related litigation. The specifics of the settlement remain confidential, covering cases from both the consolidated litigation in Rhode Island and the federal multidistrict litigation in Ohio. The settlement amount will be drawn from the company's current product litigation reserve and will be allocated over several years.
This settlement has been accounted for as a liability on BD's consolidated balance sheet, ensuring that there will be no impact on the company's consolidated income statement, according to BD.
The company asserts that the agreement is in the best interest of all stakeholders, aiming to minimize uncertainty regarding the resolved cases. Hernia mass tort litigation represents a substantial portion of BD's total product litigation reserve.
