NEW YORK, Jan. 29, 2015 /PRNewswire/ -- The 2012 Stryker hip recall (http://www.consumerinjurylawyers.com/stryker-rejuvenate/stryker-hip-lawsuits/) that involved thousands of Rejuvenate and ABG II Modular-Neck Hip Stems was noted in the Company's latest earnings announcement, Bernstein Liebhard LLP reports. According to Stryker's most recent earnings report, the Company took a charge of $116 million related to the hip replacement recall. During a January 28th conference call, the Company explained that "charges for the Rejuvenate matter may increase or decrease over time and as additional facts become available and assumptions become more refined."
"Stryker's latest earnings report comes just months after it reached an agreement to settle thousands of lawsuits stemming from the Rejuvenate and ABG II recall, which the company said could cost well over $1 billion. Our Firm is representing numerous Stryker hip lawsuit plaintiffs, and we are monitoring any developments related to this issue with great interest," says Bernstein Liebhard LLP, a nationwide law firm representing the victims of defective drugs and medical devices. The Firm continues to offer free legal evaluations to individuals affected by the Stryker hip recall.
Stryker Hip Litigation
The Stryker hip recall for Rejuvenate and ABG II hip stems was announced in July 2012, after the metal hip components were found to be subject to a high rate of fretting and corrosion at the modular-neck junction. Since then, thousands of Rejuvenate and ABG II hip recipients have filed legal claims against Stryker for injuries allegedly caused by the recalled hip stems. This includes 2,160 cases that are pending in a multicounty litigation underway in Bergen County Superior Court, where Bernstein Liebhard LLP is currently filing claims. (In Re Stryker Rejuvenate Hip Stem and the ABG II Modular Hip Stem Litigation, No. 296) Some 2,271 additional claims have been filed in the federal multidistrict litigation currently underway in U.S. District Court, District of Minnesota. (In re: Stryker Rejuvenate and ABG II Hip Implant Products Liability Litigation, No. 244)
On November 3, 2014, the Stryker hip settlement program was announced in New Jersey's Bergen County Superior Court, which could resolve the claims pending in state and federal courts. The global settlement program provides for gross base awards of $300,000 per failed implant, with potential deductions and enhancements based on the particulars of each case, including additional compensation for claimants who suffered complications during revision surgery and for other damages, including future surgeries caused by complications. The settlement also provides compensation for individuals who need a revision but who are medically unable to undergo the surgery. Per the agreement, Stryker hip lawsuit plaintiffs who wish to accept the terms of the settlement program must enroll by March 2, 2015. Claimants may begin receiving their awards by the summer of 2015.
According to the Associated Press, Stryker disclosed at the time that it will pay at least $1.43 billion to fulfill the terms of the agreement.
Individuals who allegedly suffered painful and debilitating complications due to Rejuvenate and ABG II hip stems may be entitled to compensation for medical bills, lost wages, pain and suffering and more. To learn more about filing a Stryker hip lawsuit, and to arrange for a free case review, please call (888) 340-4807.
About Bernstein Liebhard LLP
Bernstein Liebhard LLP is a New York-based law firm exclusively representing injured persons in complex individual and class action lawsuits nationwide since 1993. As a national law firm, Bernstein Liebhard LLP possesses all of the legal and financial resources required to successfully challenge billion dollar pharmaceutical and medical device companies. As a result, our attorneys and legal staff have been able to recover more than $3 billion on behalf of our clients. The Firm has been named by The National Law Journal to the Plaintiffs' Hot List, recognizing the top plaintiffs firms in the country, for the past 12 consecutive years. Bernstein Liebhard LLP is the only firm in the country to be named to this prestigious list every year since it was first published in 2003.
Bernstein Liebhard LLP
10 East 40th Street
New York, New York 10016
ATTORNEY ADVERTISING. © 2015 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, 800-511-5092. Prior results do not guarantee or predict a similar outcome with respect to any future matter.
Felecia L. Stern, Esq.
Bernstein Liebhard LLP
SOURCE Bernstein Liebhard LLP