Zimmer Anticipates Hip Settlement ExpensesWithin a few months of the July 2008 recall, Zimmer Holdings reported that the company had reserved $47.5 million to be used to cover legal costs as well as Zimmer hip settlements. By the end of the year, this Zimmer hip settlement money had increased to a to a total of $69 million. Eighteen months after that, in August 2010, Zimmer stated that an additional $75 million had been added, more than doubling the total amount.
Initial Zimmer Hip Settlement OffersIndividuals who received a defective Zimmer Durom Cup hip implant may wonder what these facts mean for their lives. It is known that there are 12,000 Durom hip recipients across the nation.
For these patients, the news means that Zimmer hip settlements are very likely to happen. Some recipients of the faulty device have already accepted a settlement offer. But an even greater number of recipients have rejected a settlement offer from Zimmer.
Many legal professionals advise affected individuals that rejecting these early settlement offers is the smart move right now. It has been determined that many of the offers are not large enough to fairly compensate the injured parties, especially when keeping in mind that many people have had their lives forever changed by having the defective implant.
Zimmer Hip Lawsuits Begin Multidistrict LitigationMany Zimmer hip lawsuits filed in a federal court in the United States have been consolidated in multidistrict litigation, or MDL. As of June 2010, there were 45 of these lawsuits undergoing MDL, and the number has continued to grow since then. The newer lawsuits are joining those already pending in a New Jersey court where the essential pretrial discovery process has been centralized.
As soon as the latter half of 2011, a costly and drawn out Zimmer hip trial may be underway. Zimmer Holdings could save itself a great deal of time and money by reaching suitable settlements with patients who have filed lawsuits. However, if the orthopedic company chooses to go forward with a trial, it may mean years of legal disputes and negative publicity.
Zimmer is based in Warsaw, Indiana, and is a publicly traded company that reported more than $4 billion in revenue during 2009. Most likely, the defendant will choose a course of action that is least damaging to its reputation. This could translate into more appropriate settlement offers for Zimmer Hip Lawsuit plaintiffs.