Financial

Johnson & Johnson escapes lawsuit over ex-CEO Weldon’s pay

June 26, 2014 by Brad Perriello

A federal judge dismisses a lawsuit accusing Johnson & Johnson of over-paying former CEO William Weldon.

Johnson & Johnson (NYSE:JNJ) yesterday escaped a shareholders derivative lawsuit alleging that the company over-paid former CEO William Weldon, who presided over a spate of recalls that bedeviled the healthcare giant a few years back.

The September 2011 lawsuit alleged that J&J’s board breached their fiduciary duties “by overcompensating Mr. Weldon in light of product recalls and other investigations and lawsuits involving J&J subsidiaries and by making misrepresentations in proxy statements relating to Mr. Weldon’s compensation in violation of J&J’s credo,” according to court documents.

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Josh Sandberg

Josh Sandberg is the President of Ortho Sales Partners and Partner for The De Angelis Group. He also serves as Co-Founder and Editor of OrthoSpineNews.

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