Investigation and pending class action lawsuit against many of the nation's largest hip and knee replacement manufacturers, including Stryker Orthopedics, EIUS, and Smith & Nephew Inc.
The class action lawsuit alleges that the companies engaged in a pervasive kickback scheme developed to boost sales and profits. The class action lawsuit claims these manufacturers lavish doctors and surgeons with large kickbacks, expensive meals, golf trips and more in an effort to increase use of particular products. The alleged practice violates anti-kickback laws and already resulted in a payout of $311 million to settle government claims. The Department of Justice claimed the industry routinely violated the anti-kickback statute by paying physicians to use their products exclusively. This lawsuit, filed on behalf of patients, claims the doctors and manufacturers are putting profits and sales ahead of patient safety and health. Often doctors receive more than $100,000 in royalties for using a specific device- a huge incentive to choose money over health.
If you've had a knee or hip replacement anytime between 2003 and December 31, 2007 with products from the following manufacturers, you may join the class.
Name (Stock Symbol)
Stryker Corporation (SYK)
Stryker Corporation, together with its subsidiaries, manufactures medical devices.
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