Wright Medical's hip and knee division (OrthoRecon) was sold in January 2014, and the successor corporation has a defense that it did not inherit the liability. Our financial analysts' review further indicated that Wright Medical's ability to fund this settlement depended largely on insurance coverage and a bond issue used, in part, to raise money for this settlement. Wright Medical has been engaged in litigation in Memphis with most of its insurance carriers and recently finalized an agreement with 3 of the carriers. It remains in litigation or coverage disputes with its remaining carriers. In light of our analysis of Wright Medical's financial condition, this is a timely and meaningful settlement, offering $170,000 to claimants who had the monoblock Conserve Cup, the device with the most frequent failures, and $120,000 to those who had the metal-liner Dynasty and Lineage devices. An additional, but capped, limited fund is also available for claimants who suffered discrete and defined claims of extraordinary injury. More importantly, the settlement program calls for pre-qualification, without registration, coupled with a very simple administrative process for claimants not pursing extraordinary injury claims that will lead to expeditious payments expected to be largely complete by summer 2017. Counsel for eligible claimants will be notified of their pre-qualification by February 3, 2017.
Plaintiffs' Leadership Counsel consists of Michael L. McGlamry of Pope McGlamry, P.C. in Atlanta, Georgia, firstname.lastname@example.org / 404-523-7706; Raymond P. Boucher of Boucher LLP in Woodland Hills, California, email@example.com / 818-340-5400; Helen Zukin of Kiesel Law in Beverly Hills, California; Peter Burg of Burg Simpson in Englewood, Colorado; Christopher Yuhl of Yuhl Carr, LLP in Marina del Rey, California; Sean Jez of Fleming Nolen & Jez, L.L.P. in Houston, Texas; and Ellen Relkin of Weitz & Luxenberg, P.C. in New York, New York.
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SOURCE Pope McGlamry