Stryker (NYSE:SYK) said today that it, and its Howmedica Osteonics subsidiary have reached a compensation agreement for patients who had revision surgery to correct issues with its recalled Rejuvenate or ABG II modular metal-on-metal neck hip stems.
The agreement was reached by Court-appointed committees and attorneys for both Stryker and patients who received the metal-on-metal hip implants, which were recalled in July 2012.
Any patients who received revision surgery prior to December 19, 2016 are eligible for the settlement program, which Stryker said it hopes will “bring a close” to issues raised over the recalled hip implants.
Stryker did not state terms or dollar amounts for the new settlement, but encouraged any individuals who had revision surgery due to the recall to speak to their attorney or contact the settlement program administrator. Any patients who have not yet received revision surgeries were encouraged to contact Stryker’s recall-related Broadspire program.
Last June, Stryker said it was making headway on an initial $1 billion hip replacement deal to settle thousands of lawsuits related to the 2 recalled implants.
The initial program covered patients who had revision surgery prior to November 3, 2014. Stryker said that over 95% of eligible patients enrolled in the initial program.
The initial settlement program was announced Nov. 4, 2014, by Judge Donovan Frank of the U.S. District Court for Minnesota, where Frank oversaw some 1,800 lawsuits filed over the Rejuvenate and ABG II devices. A state judge in New Jersey, Judge Brian Martinotti of the New Jersey Superior Court for Bergen County, oversaw another 2,100 similar lawsuits.
The settlement called 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.
Stryker began hashing out settlements with New Jersey Rejuvenate patients in December 2013.
