STRYKER ANNOUNCES $1 BILLION SETTLEMENT IN HIP IMPLANT CLASS-ACTION SUIT
Tuesday, November 4th, 2014
The New York Times (11/4, Meier, Subscription Publication, 9.9M) reports that Stryker, “the major producer of artificial hip implants,” has announced that the producer “had reached a settlement of thousands of patient lawsuits involving now-recalled all-metal devices that is expected to cost the company about $1 billion.” The deal, if executed in its current form, “would be one of the highest amounts paid in the last year by an implant manufacturer” to resolve class-action claims “by patients who said they were injured by a hip replacement in which a device’s ball and cup components were both made from metal.” The patients covered by the settlement would be those who received the Rejuvenate Modular-Neck or the ABG II Modular-Neck “and who underwent operations to have the implant replaced.”
The Wall Street Journal (11/4, Walker, Subscription Publication, 5.62M) reports that Stryker has said in regulatory filings that financial losses stemming from this product liability case range from $1.42 billion to $2.29 billion.
Bloomberg News (11/4, Voreacos, Feeley, 1.94M), the AP (11/4), the Minneapolis Star Tribune (11/4, Carlson, 1.48M), MLive (11/4, Jones, 660K), and the North Jersey (NJ) Media Group (11/4, Sampson, 116K) also report on the settlement.
-AAJ News Brief for November 4, 2014