Sulzer Medica Inter-Op Settlement Results In $546 Mil. Charge For Q2
This article was originally published in The Gray Sheet
Executive Summary
Nearly 70% of a $783 mil. proposed settlement for Sulzer Medica's Inter-Op hip recall and withdrawn tibial baseplates is being booked in the firm's second quarter, results for which were announced Sept. 19.
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Rietiker Tightens Belt At Sulzer Medica By Cutting Staff, Consolidating
Sulzer IntraTherapeutics, a unit within Sulzer Medica's Cardiovascular Division, will cut 21% of its staff as part of a company-wide effort to cut costs and improve operating efficiency, the company announced Oct 23.
Sulzer Inter-Op settlement
Inclusion of individual lawsuits in the firm's pending class-action hip recall settlement will be facilitated by a Cleveland federal court's reversal of an earlier California court decision, Sulzer says. The California decision overturned an earlier injunction against single-patient cases relating to the recalled hip shells and withdrawn tibial baseplates. Sulzer says it expects approval of a $783 mil. class action settlement in the spring of 2002. Plaintiffs will have from the first week in January until March 5, 2002 to opt out of the settlement (1"The Gray Sheet" Sept. 24, 2001, p. 17)
Rietiker Tightens Belt At Sulzer Medica By Cutting Staff, Consolidating
Sulzer IntraTherapeutics, a unit within Sulzer Medica's Cardiovascular Division, will cut 21% of its staff as part of a company-wide effort to cut costs and improve operating efficiency, the company announced Oct 23.