Thursday, November 6, 2014

Stryker settles hip implants lawsuit | Reuters

Stryker settles hip implants lawsuit | Reuters: Reuters

Orthopedics company Stryker Corp said its settled a compensation lawsuit related to its hip implant, and said it did not expect the settlement to hurt its profit.

The company said it expected to pay out a majority of the settlement by the end of 2015.

Stryker will provide a base payment of $300,000 to patients who received the implant and underwent revision surgery by Nov. 3, to remove and replace the devices, plaintiffs’ counsel Wendy Fleishman from Lieff Cabraser Heimann & Bernstein LLP said in a statement.

In June 2012, Stryker recalled its Rejuvenate and ABG II Modular-Neck Hip Stems saying the implants could cause adverse reactions, including pain and swelling.

 Stryker said it has recorded charges of up to $1.425 billion so far related to claims over the implants."

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