Zimmer Hip Lawsuits Lead To Increasing Zimmer Hip Settlement Reserve
Because of the increasing number of patients who have filed a Zimmer Hip implant lawsuit, the beginnings of a Zimmer Hip settlement plan have been formulated by Zimmer Holdings, the largest manufacturer of artificial joints in the United States. Zimmer temporarily issued a suspension of sales for its Durom Cup hip implant in July, 2008.
Zimmer Hip settlement costs planned
A few months later, the company announced it had set aside $47.5 million for legal costs and Zimmer hip settlements. That Zimmer hip settlement fund increased to $69 million in the fourth quarter of 2008. In 2010, the reserve more than doubled as Zimmer announced last August that it had added an additional $75 million to the Zimmer hip settlement fund.
Zimmer Hip settlement offers
What does this mean for the more than 12,000 Durom hip recipients in the United States who have experienced Zimmer hip problems, and for those who have filed a Zimmer Hip implant lawsuit?
It means Zimmer hip settlements are very much within the realm of possibility. In fact, some Zimmer Durom cup recipients have already accepted settlement offers.
However, even more have rejected settlement offers. Rejecting the early settlement offer is the smart move to make at this point, as many of Zimmer’s offers don’t come close to fairly compensating claimants whose lives have been forever altered by a faulty device.
Zimmer Hip multidistrict litigation started
As of last June, 45 patients who have experienced a hip implant failure and filed a Zimmer hip lawsuit in US federal courts have had their cases consolidated in multidistrict litigation (MDL). Since then, even more Zimmer hip lawsuits have been filed and added to the proceedings in a New Jersey court where pretrial discovery has been centralized.
An expensive and drawn out trial could take place as early as late 2011. The orthopedic company could preempt much of that expense by reaching reasonable settlements with plaintiffs. Alternately, the company could choose to initiate what may be years of legal wrangling and bad press.
The publicly traded Warsaw, Indiana-based company, which brought in more than $4 billion in revenue in 2009, will most likely opt for the least damaging route. For Zimmer Durom hip recipients, that may mean appropriate settlement offers.