Stryker Settlement Agreement Announced for $1 Billion for Hip Implant Claimants
On November 3, 2014 a Settlement Agreement between Howmedica Osteonics Corporation, known as Stryker Orthopaedics and the Court-appointed Plaintiffs' Settlement Committee (court appointed attorneys representing plaintiffs in New Jersey and Federal District Multidistrict litigations) was announced. This agreement will compensate eligible U.S. claimants who have suffered recognizable bodily, physical or personal injuries from surgery to replace their Rejuvenate Hip Stem and ABG II Modular Hip Stem Implant prior to November 3, 2014.
Stryker, in the Settlement Agreement involving the now-recalled all-metal devices, cost will be about $1 billion. This deal, negotiated with lawyers representing thousands of patients, would be one of the highest amounts paid in the last year by an implant manufacturer to patients who were injured by a hip replacement with both ball and cup components made of metal. Stryker said it expected expenses to be higher than the $1.45 billion it had set aside to settle the claims.