“During the second quarter of 2013, the company finalized settlement agreements with respect to more than 30 Filter Product Claims and made payments with respect to such claims within the amounts previously recorded by the company,” the 10-Q states on page 13.
The information had not previously been made public.
Importantly, it also states, “…the company intends to vigorously defend Filter Product Claims that do not settle…” In other words, it will not defend cases that settle, thereby admitting that it is settling cases. The statement repeats word-for-word what the company said earlier in its 10-Q filing dated September 2015 .
Mass Tort Expert John Ray said, “Bard has issues that will cause it to settle sooner rather than later. Bard got a lot of bad press about what they knew and when they knew it. Bottom line, Bard is going to settle, and they threw up the white flag in this statement to stockholders.” See IVC Filter Cases Settling Quietly as Litigation Grows.
Bard IVC Filter Litigation is consolidated in MDL 2641, which was created in US District Court in Arizona in August 2015. The company faces 770 plaintiffs who have filed product liability cases over the company’s inferior vena cava (IVC) filter products. The company revealed:
- Approximately 660 of the Filter Product Claims have been, or shortly will be, transferred to the IVC Filter MDL.
- The additional 110 Filter Product Claims are pending in various state courts.
- In March 2016, a Canadian class action was filed against the company in Quebec.
- In April 2016 and May 2016, Canadian class actions were filed in Ontario and British Columbia, respectively.
- This does not include approximately 40 claims that have been threatened against the company but for which complaints have not yet been filed.
- The company expects that additional trials of Filter Product Claims may take place over the next 12 months.
The blood clot filters have been inserted in millions of patients over the last 40 years.
“All these products are defective,” Ray said, speaking in a webinar presented by The National Trial Lawyers. “I cannot say that one product is less defective than other.”
While specific settlements are suppressed by non-disclosure agreements, Ray said that a wrongful death case involving an IVC filter has a settlement value of $500,000. At the other extreme, a case involving the successful removal of an IVC filter without complications has a settlement value of $10,000.