Stryker Howmedica Osteonics/Stryker Orthopaedics informed courts in New Jersey Multicounty and Federal Multidistrict litigations that 95% of additional registered eligible patients have enrolled in its Settlement Program under the Master Settlement Agreement announced in December 2016.
Stryker Orthopaedics can now proceed with the 2016 Settlement Program that provides for compensation to additional eligible U.S. patients who had revision surgery to replace their Rejuvenate Modular-Neck hip stem and/or ABG II Modular-Neck hip stem prior to December 19, 2016. (In 3Q12, Stryker voluntarily recalled its Rejuvenate and ABG II modular-neck stems, reporting potential risks associated with fretting and corrosion at the modular neck junction.)
It is expected that a majority of the payments under the Settlement Agreement will be made by the end of 2017.
The 2016 Settlement Program follows an initial 2014 Settlement Program that covered revision patients prior to 11/3/14.
Sources: Stryker; ORTHOWORLD Inc.