"Johnson & Johnson's actions did not meet their credo," says James Abruzzo

A Johnson & Johnson subsidiary will pay at least $2.47 billion to settle thousands of lawsuits over its recalled hip implants; it's a settlement that some estimate could reach as much as $4 billion.

But experts warn the loss of consumer confidence in the New Brunswick-based pharmaceutical giant could be bigger.

James Abruzzo, co-director of the Institute for Ethical Leadership at the Rutgers Business School, said J&J's actions did not meet their credo, which pledges to put "doctors, nurses, patients, mothers and fathers" above other stakeholders, including employees, communities and stockholders.

"I tried to match up what their actions have been over the last couple of years, at least what I have read, against their credo, and there seems to be a disconnect between the two," Abruzzo said.

Abruzzo said if J&J had "thought first and foremost about their patients, probably they would have not waited to be sued before they took some action."

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