Stryker Settlement: Payment timing under the Stryker settlement
I’m Bill Kershaw and I’m with the firm of Kershaw Tally. Our firm is currently talking to quite a few of our clients about participating in the proposed Striker settlement. One of the big questions that we’re getting from our clients is: is it right for me? Does it fit my needs?
Timing a payment has a lot to do with whether someone wants to participate under this settlement. Particularly since many of our clients are in their 50s 60s 70s and 80s because obviously the sooner one can get the money the better. What I want to talk about a little bit is timing a payments under the proposed settlement.
There are two parts to the settlement. There is the base award part and there is the enhancement part, that is payments for secondary surgeries that you had to go through and they call that the enhanced benefit program. And with respect to the base payment program you’re going to receive three hundred thousand dollars for a revision surgery. That is the base payment. To participate in that you have to enroll in the program by March second 2015 and then the defendant has an opportunity to not participate, not go through with the settlement, and they have to make that decision by June 15 2015. Then on June 18. 2015 the claims processing for all the claims that have been put into the settlement will begin. You can expect your first base award, three hundred thousand dollar payment, on or about July 15 2015. So that is the base award portion of the program.
The second part of the program, the enhanced benefit program, will actually start the day after Stryker has to make a decision as to whether or not it’s going to accept and participate in the program and that is June 16th, 2015. So your lawyer will have to enroll you with respect to whatever enhanced benefits you’re seeking. Enhanced benefits or things like a re-revision surgery for which you can receive 175,000 dollars. And then other things that happen during subsequent surgeries like you had to go to an osteotomy, that is you had to have the stem cut out of your femur or you had to go through surgeries for subsequent infections or to have hardware taken out or you experienced a dislocation or any one of a number of things you had to have a muscle and abduct abductor muscle repaired. All of those things are going to be then looked at and the claim processing will take place between June of 2015 and will go all the way into 2016. You can expect your first advance benefit payment to occur roughly February 2nd, 2016 and then those payments will continue over the course of the spring and the summer and maybe even into the fall of 2016.
Reading this settlement agreement is a little like reading the Internal Revenue Code, so if you have any questions about this please feel free to call me at the phone number you see on the screen here and or go to our website and fill out the online form there. You can communicate with us on as to any questions you might have.