J&J Says Board Not To Blame For Recalls, Corruption Claims

Law360, New York (July 21, 2011, 11:57 PM EDT) -- Johnson & Johnson responded Monday to a slew of shareholder derivative actions in New Jersey federal court with a report stating the company's board of directors did not breach its duties and ignore warning signs of product recalls and illegal kickbacks and bribes.

In a 122-page report filed in the consolidated shareholder litigation, a special committee appointed by the board to investigate the shareholder demands and complaints concluded that "the allegations in the demand letters and derivative complaints do not warrant litigation by or on behalf...
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