Sulzer Increases Settlement Offer
February 6, 2002
After Sulzer Medica initially refused to increase its $783 million offer to settle thousands of lawsuits stemming from the recent recalls of the company's popular hip and knee replacement devices, company officials announced this week that Sulzer has agreed to a revised $1 billion settlement. Sulzer recalled over 17,500 artificial hips when the company discovered that an oily substance was inadvertently left on the devices during the manufacturing process. The residue prevented bonding between a patient's bone and the device, leading to pain in the inner thigh and groin, pain when standing, and difficulty placing weight on the leg.
According to analysts, Sulzer is seeking to settle the lawsuits in order to avoid lengthy individual trials that could potentially bankrupt the orthopedics maker. The proposed settlement, which must be approved by the litigants as well as a United States district court judge, provides roughly $200,000 to each participant. A final ruling on the settlement is expected on May 14, 2002.
-- Article Courtesy of InjuryBoard.com
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