Stryker Hip Settlements May Exceed $1 Billion
Before the Stryker hip recall of 2012, more than 20,000 patients were implanted with the Rejuvenate and/or ABG II hip replacement systems. Many of these recipients went on to suffer painful complications caused by metallosis (blood metal poisoning) – a common problem with metal-on-metal hip prosthetics. Litigation over Stryker hip injuries has continued to swell over the past 12 months, with hundreds of product liability claims pending in state and federal court. In the wake of current litigation, Styker Orthopaedics concedes that the costs associated with the Rejuvenate hip recall may surpass $1 billion.
To better handle pretrial proceedings among cases involving similar allegations and issues of fact, all Stryker hip lawsuits filed in federal court were consolidated in the District of Minnesota before a single judge. The honorable Judge Donovan Frank was assigned to the litigation, which many anticipate could drag on for months if Stryker settlement negotiations don’t materialize soon.
Faced with a mountain of medical bills, some plaintiffs are still recuperating from their hip revision surgery and may be suffering financially, with little to no income to cover daily expenses. But with a quick application at LawStreet Capital, Stryker hip settlement funding may be available to help tide plaintiffs over until their cases resolve.
Rejuvenate lawsuits could cost Stryker $1.13 billion
The recalled Rejuvenate and ABG II systems may cost Stryker between $700 million and $1.13 billion in settlement negotiations – a number that has steadily risen since the company’s last quarterly earnings report. Settlements offered to claimants would factor in the expenses incurred by patients in need of testing and medical treatment, the number and costs associated with hip revision surgeries, and third-party insurance reimbursements. The manufacturer’s sales and net revenues have plummeted 70 percent in the wake of the recall and subsequent litigation, which has negatively impacted this year’s profits.
The Rejuvenate was launched in 2010 and promoted to orthopedic surgeons and patients as an advanced modular hip replacement system, allowing more flexibility to suit each patient’s anatomy. The neck and stem components, made of chromium-cobalt and titanium, were the crux of the problem as the parts were shown to rub against each other, shedding metallic particles into surrounding tissue. Patients complained of swelling, chronic pain, adverse tissue reactions and pockets of fluid around the implant site. Stryker finally recalled both systems in 2012, admitting the modular-neck joint was prone to both fretting and corrosion, putting people at risk for toxic metal contamination. Unfortunately this recall came too late for thousands of elderly patients, many of whom suffer diminished mobility and cannot work due to their injuries.
Stryker hip settlement funding available
With the assistance of Stryker hip lawsuit loans, plaintiffs won’t have to settle for less than they deserve. Unlike a traditional bank loan, this cash advance is based on the anticipated settlement payout, and is offered strictly on the merits and strength of a case.
At LawStreet Capital, we know how challenging it can be to wait for a case to settle – especially when plaintiffs have been severely injured and are unable to work. If you are facing the threat of bankruptcy or are having trouble paying your legal bills, don’t despair. A risk-free lawsuit loan is the easiest way to get your hands on money that will soon be yours.
Legal funding for Stryker hip injuries
We are a direct lender, which means no middle man and no inflated interest rates. Call our friendly customer representatives today to apply for the settlement money you deserve now, when you need it most. Our Stryker hip settlement funding is offered to plaintiffs nationwide. Call 1.866.FUND.662 to get your application started today.