Here are five things to know:
1. The company entered into a Master Settlement Agreement with court-appointed attorneys representing plaintiffs, for the metal-on-metal hip multi-district litigation: “In Re: Wright Medical Technology, Inc., CONSERVE Hip Implant Products Liability Litigation, MDL No. 2329 (MDL)” and the consolidated proceeding pending in California state court, “In re: Wright Hip System Cases, Judicial Council Coordination Proceeding No. 4710 (JCCP).”
2. The company also entered into a settlement agreement with three insurance carriers.
3. Under the settlement, the entities settled 1,292 CONSERVE, DYNASTY or LINEAGE revision claims, which met the Master Settlement Agreement eligibility requirements, for a total of $240 million.
4. Of this $240 million, $180 million will be funded from cash on hand and $60 million will be from insurance recoveries.
5. According the press release, the Master Settlement Agreement eligibility requirements include:
• The claimant has a pending or tolled case in the MDL or JCCP.
• The claimant has undergone a revision surgery within eight years of the original implantation surgery.
• The claim has not been identified by Wright Medical as having possible statute of limitation issues.
“This settlement addresses approximately 85 percent of the known U.S. revision claims that do not have potential statute of limitations issues and removes a great deal of the uncertainty that has been associated with this litigation,” said Robert Palmisano, president and CEO of Wright Medical Group.
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