The New Jersey products liability attorneys at Breslin and Breslin are reporting that Stryker Corp. on Monday said that it has resolved multiple product-liability lawsuits related to its Rejuvenate and ABGII hip implants, which the company had recalled in 2012 because of the potential for the devices to corrode and cause inflammation in tissue in and around the implant.
Stryker has agreed to pay $300,000 to plaintiffs for each hip implant that has required revision surgery, according to a copy of the settlement posted online. The settlement also provides for additional compensation to plaintiffs who suffered complications during revision surgery or other damages.
Stryker previously recorded charges to its earnings of $1.42 billion that it said represents the low end of what it expects it will cost to resolve the claims. On Monday, the company said it was uncertain of what the ultimate cost would be, and that it may record further charges to its earnings in the future. A majority of the settlements will be made by the end of 2015, Stryker said in a statement.
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