Biomet Reaches $56M Settlement of Multi-District Litigation
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Staff Report-
Biomet reached a $56 million settlement this week in multi-district liability litigation stemming from claims of injury from its metal-on-metal hip implants. Biomet will pay a base of $200,000 to plaintiffs who received an M2a 38 or M2a Magnum hip replacement system, extending to pending cases filed in federal court by April 15. Biomet will deposit $50 million into an escrow account and another $6 million into a fund for attorney fees, Reuters reported. Judge Robert Miller Jr. approved the settlement Monday in U.S. District Court for Northern Indiana, South Bend Division. The multi-district litigation began in 2012, when the lawsuits were combined to be heard in Biomet’s home state, though complaints on the product go back to 2004. About 1,000 product liability lawsuits were filed against Biomet in federal court from metal-on-metal hip recipients. Plaintiffs claim they experienced early failure of the devices and metal ion poisoning, and many had to undergo revision surgery. A company statement in its announcement of the settlement said that Biomet “is pleased to have reached this settlement and have the MDL resolved. Biomet appreciates the guidance provided by Judge Miller to bring this litigation to an expeditious and efficient resolution.” The settlement follows a $2.5 billion payment DePuy parent company Johnson & Johnson agreed to in November to resolve 8,000 cases.
