Biomet To Pay $56M To Settle Hip Replacement MDL

By Kat Greene (February 3, 2014, 8:13 PM EST) -- Biomet Inc. on Monday said it would pay at least $56 million to settle multidistrict litigation in Indiana federal court that claims it made defective metal-on-metal hip implants.

The company maintained that its dispute that people were harmed by the hip replacements, which became the subject of thousands of federal lawsuits, but said it had agreed to fund an account that would pay out to qualified plaintiffs in the MDL, according to the settlement agreement approved U.S. District Judge Robert L. Miller Jr. on Monday.

The deal resolves the MDL, which the company has been fighting since October 2012, according to...

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