Wright Medical Technology entered into a Master Settlement Agreement (MSA) regarding previously disclosed metal-on-metal (MoM) hip litigation.
Wright will pay US $240MM to settle 1,292 specifically identified CONSERVE, DYNASTY or LINEAGE revision claims. This settlement addresses ~85% of the known U.S. revision claims that do not have potential statute of limitations issues.
Wright will continue to defend M0M hip claims not settled under this MSA. As of September 25, 2016, the company estimates there were ~600 outstanding MoM hip revision claims that would not be included in the MSA settlement, including ~200 claims with an implant duration of more than eight years, ~300 claims subject to possible statute of limitations preclusion, ~30 claims pending in other U.S. courts, ~50 claims pending in non-U.S. courts and ~20 claims that would be eligible for inclusion in the settlement but for participation limitations.
The company also estimates that there were ~700 outstanding MoM hip non-revision claims as of September 25, 2016. These non-revision cases are excluded from the MSA.
Source: Wright Medical Group N.V.