Zimmer Hip Settlements: The Money Is There
Zimmer Inc., one of the largest orthopedic device manufacturers in the world, has set aside $144 million to reach Zimmer hip settlements with patients fitted with the allegedly defective Durom Cup acetabular component. In many cases the patients required the pain and difficulty of hip revision surgery.
The Zimmer hip settlement fund will go to settling scores of claims about Zimmer Hip problems filed across the US and consolidated in a New Jersey court in Zimmer multidistrict litigation where many are awaiting trial.
The money was added to the fund during three public announcements coinciding with the release of Zimmer quarterly reports.
First Zimmer settlement fund announcement
The first announcement came in October 2008, just months after Zimmer, in what some people erroneously called a Zimmer Hip recall, voluntarily suspended sales of the Durom Cup due to concerns that the component failed to properly bind to the hip, resulting in unusually high rates of Zimmer hip failure. In a public statement, the company announced it had set aside $47.5 million to pay for Zimmer hip settlements.
At the time, 12,000 American patients had already been fitted with the component. Many had already joined Zimmer hip litigation.
Zimmer Hip replacement settlement fund increased two more times
In its fourth quarter 2008 earnings report, Zimmer Inc. announced it had increased the Zimmer hip recall settlement fund to a total of $69 million. The total was a conservative estimate of the damage the company would be required to pay out to Durom Cup recipients.
Last August, Zimmer Inc. more than doubled the Zimmer hip settlement fund, announcing in its second quarter 2010 earnings report that it had added an additional $75 million to the reserve.
Zimmer Hip replacement fund now at $144 million
In total, the company has publically announced the allocation of $144 million to pay for settlements. This Zimmer hip replacement settlement fund is very likely to grow as future quarterly reports are announced. It is also possible that money outside the designated fund may go to settling claims made by Durom Cup recipients.
If and when these Zimmer hip settlements transpire, they may occur in confidentiality.
Durom Cup recipients who think they may be eligible for damages are urged to seek a case evaluation with an experienced product liability attorney.