Biomet reaches $56 million settlement over faulty hip replacements

(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. The lawsuits were combined and jointly heard at the federal court of Indiana, the state where Biomet is headquartered. 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.



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