Bloomberg reported that a $4 billion settlement has been rumored to be reached, which could potentially resolve thousands of lawsuits involving recalled hip implants, according to sources familiar with the litigation.
This could be the largest ever settlement of U.S. legal claims and would resolve over 7,500 lawsuits in federal and state courts against Johnson & Johnson’s DePuy unit. Patients who claim to have received defective DePuy hip implants when they had their hips replaced filed the suits.
Johnson & Johnson could be held liable to pay an average of $300,000 per suit. However, this potential settlement is uncapped in terms of its total value, meaning that it does not prevent patients whose artificial hips fail in the future from seeking compensation from Johnson & Johnson.
Victims could be provided compensation based on factors such as age, extent of injuries and number of surgeries they had to have to replace defective implants. The agreement would also require Johnson & Johnson to set aside funds to reimburse Medicare and other insurers for claims paid on behalf of hip-implant patients.
I Think I May Have Been the Victim of a Bad Hip Replacement. What Do I Do Now?
One of our clients said this about our staff and Maryland injury lawyer Peter C. DePaolis:
“I can’t express enough how much your hard work and the results meant to my dad. If you remember, three weeks before his passing, he stopped all treatments. After learning about the large settlement, he knew that financially my mom would be okay. He was tired and ready to go and that check made his leaving us much easier for him.”
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Did You Know: If current trends continue, an estimated 600,000 hip replacements will be carried out in 2015.