November 3, 2014 by Brad Perriello
Stryker Corp. agrees to pony up more than $1 billion to settle thousands of product liability lawsuits filed over its recalled Rejuvenate and ABG II metal-on-metal hip implants.
Stryker (NYSE:SYK) today inked a deal to settle thousands of product liability lawsuits over a pair of recalled metal-on-metal hip implants for more than $1 billion.
The deal was announced today by Judge Donovan Frank of the U.S. District Court for Minnesota, where Frank is overseeing some 1,800 lawsuits filed over Stryker’s Rejuvenate and ABGII devices. A state judge in New Jersey, Judge Brian Martinotti of the New Jersey Superior Court for Bergen County, is overseeing another 2,100 similar lawsuits.
Stryker recalled the Rejuvenate and ABG II implants in July 2012.
The settlement calls for each plaintiff in the covered cases to receive as much as $300,000 for each implant, meaning Stryker could be on the hook for up to $1.17 billion. Stryker did not admit to any liability or wrongdoing in the settlement.
