Nearly a decade after losing a bidding war for device maker Guidant to Boston Scientific Corp , Johnson & Johnson finally has a chance for payback at a multibillion-dollar trial set to begin on Thursday. A federal court judge in New York will hear the case without a jury and decide whether Guidant, through its successor Boston Scientific, should be held liable for breaching a contract with J&J.J&J seeks in excess of $5 billion in damages and interest from Boston Scientific, a potentially massive judgment against a company that as of Tuesday had a market capitalization of $17.8 billion.The two-part trial before U.S. District Judge Richard Sullivan is expected to go into December as lawyers revisit the details, and the aftermath, of the nine-year-old Guidant battle.Underscoring the stakes, Boston Scientific has brought in well-known litigator David Boies. Johnson & Johnson will answer with a high-profile lawyer of its own, Sean Coffey, perhaps best known for winning a $6 billion judgment against big banks in the wake of WorldCom's collapse.
Boston Scientific Corporation is a developer, manufacturer and marketer of medical devices that are used in a range of interventional medical specialties. Shares of BSX traded higher by 2.24% or $0.3/share to $13.68. In the past year, the shares have traded as low as $11.10 and as high as $14.08. On average, 12985600 shares of BSX exchange hands on a given day and today's volume is recorded at 27529628.
Johnson & Johnson is a holding company engaged in the research and development, manufacture and sale of a broad range of products in the health care field. Shares of JNJ traded higher by 0.49% or $0.53/share to $108.83. In the past year, the shares have traded as low as $86.09 and as high as $109.49. On average, 7449140 shares of JNJ exchange hands on a given day and today's volume is recorded at 5407151.
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