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Source: Biomet reaches $56 million settlement over faulty hip replacements | Reuters.

Biomet reaches $56 million settlement over faulty hip replacements

Mon Feb 3, 2014 11:30pm EST

(Reuters) – U.S. medical device maker Biomet Inc will pay at least $56 million to settle a multi-district lawsuit relating to defective metal hip replacements, a court filing showed, ending a protracted legal tussle.

The litigation involves Biomet’s metal-on-metal hip replacement device known as M2a Magnum. Hundreds of plaintiffs claimed in various courts across the country that the hip device led to injuries.

The lawsuits were combined and jointly heard at the federal court of Indiana, the state where Biomet is headquartered. The multi-district litigation began in 2012.

As part of the settlement, Biomet will deposit $50 million into an escrow account and another $6 million into an attorney fee fund, the filing showed.

The agreement with the plaintiffs shall extend to all pending cases, and any future lawsuit filed in a federal court on or before April 15, 2014.

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