Biomet Reaches Major SettlementPosted: Updated:
Warsaw-based Biomet Inc. says it is "pleased" to have reached a settlement over a lawsuit involving hip replacement products. According to a document filed with the U.S. Securities and Exchange Commission, the company says payments could exceed $50 million. You can see the SEC filing by clicking here.
February 3, 2014
Warsaw, Ind. -- Biomet, Inc. announces that it has reached a settlement in MDL 2391 - In Re: Biomet M2A Magnum Hip Implant Products Liability Litigation related to claims associated with its metal-on-metal hip products pending in the United States District Court for the Northern District of Indiana, South Bend Division. Judge Robert L. Miller, Jr. approved the settlement of the MDL today.
Biomet is pleased to have reached this settlement and have the MDL resolved. Biomet appreciates the guidance provided by Judge Miller to bring this litigation to an expeditious and efficient resolution.
Biomet, Inc. and its subsidiaries design, manufacture and market products used primarily by musculoskeletal medical specialists in both surgical and non-surgical therapy. Biomet’s product portfolio includes knee and hip reconstructive products; sports medicine, extremities and trauma products; spine, bone healing and microfixation products, including spine hardware, spinal stimulation devices, osteobiologics, and non-invasive bone growth stimulators; as well as neurosurgical and craniomaxillofacial reconstructive devices, and thoracic products; dental reconstructive products; and bone cement products, biologics, and other products. Headquartered in Warsaw, Indiana, Biomet and its subsidiaries currently distribute products in approximately 90 countries.
Source: Biomet, Inc.