The announcement of a billion dollar settlement by Stryker of thousands of lawsuits involving its recalled all-metal hip implant devices will likely spur additional advertising by plaintiffs' law firms and others seeking additional claimants.
Typically, mass tort advertisers increase their advertising efforts following the announcement of major settlements in an effort to attract potential claimants eligible for compensation.
In the month following last November's announcement of a multi-billion dollar settlement by Johnson & Johnson to settle thousands of lawsuits related to its hip implant products, spending on mass tort TV advertising focused on hip implants topped $2.5 million -- an increase of over 50% from the previous month.
Typically, mass tort advertisers increase their advertising efforts following the announcement of major settlements in an effort to attract potential claimants eligible for compensation.
In the month following last November's announcement of a multi-billion dollar settlement by Johnson & Johnson to settle thousands of lawsuits related to its hip implant products, spending on mass tort TV advertising focused on hip implants topped $2.5 million -- an increase of over 50% from the previous month.
An even more dramatic increase in mass tort advertising was observed following Endo International's agreement to pay $830 million to resolve legal claims arising from pelvic (or transvaginal) mesh devices at the end of April 2014.
There are over 3,500 cases pending against Stryker and the settlement called for a base award of $300,000 per failed implant with additional compensation available for complications related to the surgery to remove the implant.
The Johnson & Johnson settlement called for a typical payment of $250,000 to be paid to each of over 8,000 patients who brought suit against the company.
It was also reported that J&J may settle more than 1,000 additional lawsuits related to the hip products that were excluded from the original settlement. Inclusion of the additional claims would cost the company an additional $250 million over the $2.5 billion committed last November.
Based on standard agreements, plaintiffs’ lawyers would receive about one-third of the overall payout.
The Johnson & Johnson settlement called for a typical payment of $250,000 to be paid to each of over 8,000 patients who brought suit against the company.
It was also reported that J&J may settle more than 1,000 additional lawsuits related to the hip products that were excluded from the original settlement. Inclusion of the additional claims would cost the company an additional $250 million over the $2.5 billion committed last November.
Based on standard agreements, plaintiffs’ lawyers would receive about one-third of the overall payout.
RSS Feed
