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Depuy Lawsuit Settlement Amounts Could Come In First Quarter Of 2013, Says Legal-bay
- Legal-Bay.com Expects Johnson & Johnson to take another “write down” for DePuy Product Liability Litigation which will open up more Lawsuit Funding for Plaintiffs who need up to $50K today prior to their cases settling.
Legal-Bay is a leader in the DePuy Legal Funding Industry, and has been one of the few companies assisting DePuy victims with pre-settlement funding on their lawsuits today, prior to any of the DePuy cases even settling.
Legal-Bay through its network of affiliates believes that based on the timing of the litigation that by the first quarter of 2013, J&J and the largest law firms representing DePuy victims will begin narrowing the gap as to what the actual settlement range will be. It has been projected that the settlement amounts in some cases could top $1mm, with an average settlement range to be somewhere around $500K.
To date J&J has set aside approximately $2-3Bil for the DePuy litigation, but no one knows exactly how the damages will be divided up. With close to 90K DePuy Hips being implanted and possibly 15% of those ultimately failing; this could lead to over 10K suits being filed when it is all said and done. Based on these numbers, Legal-Bay believes that Johnson & Johnson will have to set aside more money in the first quarter of 2013 for DePuy, just as it has done the last 2 years.
Patty Kirby, Head of Client Relations commented, “Our Depuy applications for lawsuit settlement funding continue to increase each month. And although the lawsuits continue to pile up, we have been advised that a settlement range could come by early 2013 on some of the DePuy cases, with final settlement payment not until late 2013.”
Lawsuit settlement funding, also referred to as a lawsuit loan by plaintiffs, enables DePuy victims to receive a small portion of their DePuy funds today while they ultimately wait for their final settlement payment. Legal-
Patty Kirby,Head of Client Relations