October 2024 Bard Hernia Mesh Class Action Lawsuit Update
October 2024 Update – Bard Hernia Mesh Class Action Lawsuit to Settle – The first week of October 2024, Becton Dickinson announced that it has reached a settlement in the Bard Hernia Mesh Class Action Lawsuit. Terms of the settlement agreement are confidential, but include cases in both the Rhode Island consolidated litigation and the federal multidistrict litigation (MDL) in Ohio.
Although the exact amount of the settlement is unknown (as of October 28th, 2024), in a statement from Becton Dickinson, the company said the settlement and litigation will use up a “large majority” of its “total product litigation reserve.”
But how much is in that reserve? In Becton Dickinson’s quarterly report filed on Aug. 1 with the SEC, indicates accruals for the hernia product liability claims, plus related legal defense costs, of about $1.7 billion on June 30, and $1.9 billion on Sept. 30, 2023.
What does this mean? Again, we cannot know for sure how much the final settlement in the Bard Hernia Mesh MDL is going to total, but with legal fees and the settlement amount, it appears to be near $2 billion.
Something else to know is that this will not be the end of hernia mesh lawsuits. It is unlikely this will even be the end of hernia mesh lawsuits for Bard. Other individuals are still pursuing litigation on their own.
In addition, hernia mesh lawsuits are just now ramping up for other makers of hernia mesh products like Covidien, which now has 1,500 people in its MDL.
The bottom line is, people who have been involved in the long battle of Bard Hernia Mesh products are finally nearing a settlement as of October 2024. We don’t know the exact amounts yet, but it seems likely that information will become available at some point.
For those plaintiffs and lawyers who represent them, now that a settlement has been reached, they may be interested in exploring post settlement funding for the Bard Hernia Mesh lawsuit settlement.
Balanced Bridge Funding will offer post settlement funding for both plaintiffs and attorneys in the Bard Hernia Mesh Lawsuit settlement. If you are interested, in getting some of your money from the Bard Hernia Mesh Lawsuit settlement fast – please contact us.
Bard Hernia Mesh Post Settlement Funding:
If you think our post settlement funding solution could be the right fit for you, please call one of our legal funding specialists at 267-457-4540 or to apply online, simply CLICK HERE and fill out our quick form application.
When Will Bard Hernia Mesh Lawsuits Pay
And this is probably the biggest question on the minds of plaintiffs who have been included in the Bard Hernia Mesh MDL – when are we going to get paid.
The truth is – it can take a long time to receive a settlement check from an MDL or class action lawsuit. In recent major lawsuits like the Sexual Assault Lawsuits against USC (University of Southern California), the defendant was allowed to spread out payments over the course of eighteen months because the settlement was so large. Judges understand that some settlements are so sizable that the defendant would be bankrupted if forced to pay everything all at once, so they allow them time to pay.
In more recent major class action lawsuits like the lawsuits against 3M for AFFF Foam contamination, the company was given up to ten years to pay. This was also the case for JUUL e-cigarette maker, who recently settled with multiple states for advertising to, and addicting untold number of young people to their vape products – they too were given up to ten years to pay what they owe.
It seems unlikely that C.R. Bard will be given such a long time to pay, but plaintiffs and their attorneys should have their minds set to expect a lengthy wait before any actual settlement checks are sent out.
We wrote an entire article outlining how long it takes to receive a settlement check from a class action lawsuit.
About The Bard Hernia Mesh Lawsuit
Bard, also known as C.R. Bard, is a medical device manufacturer that has faced litigation regarding its hernia mesh implants. Bard Hernia Mesh, a leading manufacturer of hernia mesh products, has been named in several lawsuits over their products.
Plaintiffs alleged that Bard’s hernia mesh was defectively designed and manufactured, causing serious complications such as infection, pain, organ damage, and nerve damage. Furthermore, many of these cases also allege that Bard failed to adequately warn patients of the potential risks involved with their hernia mesh products even though they were fully aware of them.
The Bard Hernia Mesh lawsuits have resulted in several multimillion-dollar settlements for affected individuals during the initial Bellwether Trials. But this is just the preliminary “test case trial phase” used to determine how much C.R. Bard should expect to settle these cases for, and how much plaintiffs and their attorneys should expect to receive in a settlement.
Source: https://www.lawsuit-information-center.com/bard-hernia-mesh-lawsuits.html
In August 2023, Bellwether trials were underway. In Rhode Island state court, a jury awarded a plaintiff (Paul Trevino) $4.8 million. Paul Trevino filed a lawsuit claiming that C.R. Bard’s Ventralex hernia patch eroded into his bowel due to the company’s decision to prioritize cost over safety when selecting materials. The jury agreed that the design was flawed, and Bard had neglected to provide adequate warning about the associated risks.
You can read our detailed coverage of the Bard Hernia Mesh Lawsuit here: https://www.balancedbridge.com/bard-hernia-mesh-lawsuit-2023-update/
Plus, there are still many people who have yet to file a lawsuit or are in the process of doing so, which will have a significant impact on determining how much these cases will ultimately cost C.R. Bard. The hernia mesh class action MDL involving C.R. Bard continues to attract a significant number of new plaintiffs. As of September 2024, cases in the MDL are nearing 25,000.
October 2024 Update – Bard Hernia Mesh Class Action Lawsuit to Settle and Is It Too Late to Join the Bard Hernia Mesh Class Action Lawsuit?
No, it is not. In fact, one of the consequences of having C.R. Bard drag out this settlement that it is giving more people time to join the MDL. And the longer it takes for C.R. Bard to reach a settlement agreement, the more people will join the MDL, and the more people will receive settlements.
To join the Bard Hernia Mesh Lawsuit (MDL), you will want to find and contact an attorney who specializes in these types of cases to get your case added to the MDL. If you have had a Bard Hernia Mesh implant surgery, and you suffered complications, you need to contact an attorney, and we suggest you do so right away to get in right away.
Summary October 2024 Update – Bard Hernia Mesh Class Action Lawsuit to Settle
The Bard Hernia Mesh Class Action Lawsuits MDL have reached as settlement as of October 2024. We do not know the precise amount that Becton Dickinson will have to pay, but from statements filed with the SEC and statements they’ve made about using “most of their reserves” – we can estimate that between the settlement amount and legal fees accrued, the Bard Hernia Mesh lawsuit will cost nearly $2 billion.
Get Some of Your Money Fast Now That The Bard Hernia Mesh Lawsuits Have Settled
If you are involved in the Bard Hernia Mesh Lawsuit as either a plaintiff or plaintiff attorney, Post funding for class action lawsuits can provide valuable assistance once a case has settled. Once you have received documentation of what your individual award will be, you have the option to “take out an advance” on the money you are owed from the Bard Hernia Mesh Lawsuit settlement.
Funding is also available for attorneys representing clients in the Bard Hernia Mesh MDL – you can take out a post settlement advance on the contingency fees you are owed.
How a Settlement Advance for Class Action Lawsuits Works
- Plaintiff has settlement in a case but will experience some delay before their award is distributed to them.
- Plaintiff applies for a settlement advance with Balanced Bridge Funding.
- Balanced Bridge examines the case. A determination is made on how much of the award Balanced Bridge will purchase and how much will be advanced to the plaintiff
- Balanced Bridge discusses the funding terms with the plaintiff and provides them with the agreement to review and sign.
- Once that is completed, Balanced Bridge wires the advance directly to a bank account specified by the plaintiff
This process is often completed in a day or two but can take longer.
Once the award is distributed, Balanced Bridge is sent its portion of the award.
Is Post Settlement Funding for Class Action Lawsuits a Loan?
A settlement advance for class action lawsuits is not a traditional loan. Rather than lending you money, a legal funding company considers the money you are owed from a class action lawsuit as an asset, akin to stocks or bonds. Like any other asset you possess, such as a car or house, you have the option to sell it to someone else.
How much of my settlement can I sell to receive an advance?
The answer is – it depends. In most cases, you will be able to sell a large portion of your class action lawsuit settlement. But you will not normally be able to sell 100% of it.
What can I spend my Class Action Lawsuit Post Settlement Funding Advance on?
The great news is that once you receive a post settlement advance from a class action lawsuit or MDL, there are no restrictions on how you can use your money. It’s entirely up to you. Whether it’s for medical bills, education, relocation, or even a new car, the choice is yours. Treat it just like any other money in your bank account. Spend it as you see fit, knowing it’s yours to use however you wish.
Remember, unlike a loan, which may have a great deal of restrictions and guidelines as far as what you can spend the loan money on, this is not a loan. You are selling your class action lawsuit settlement and just like if you sold a car, the money from that sale is yours. Selling part of your class action lawsuit settlement is no different than selling a car or a house – once you’ve sold it, the proceeds from the sale are yours.
Will I have to pay taxes on my Bard Hernia Mesh settlement?
We cannot answer this question for you as an individual, but many types of settlements you receive are considered income by the IRS and are 100% taxable. This is not always the case, however. There are types of settlements that could be exempt from taxation. You should consult with your attorney and CPA to make sure you pay your taxes properly on any settlement money you receive.
Do I have to pay taxes on my post settlement funding advance?
Again, we cannot give you any advice personally, but generally, yes, you will. You are selling an asset, and when you sell an asset of any kind, whether it is a stock, bond, or home, you can expect to pay taxes on all, or a portion, of the amount of the sale. You should consult with your attorney and/or CPA to understand the tax consequences of selling your lawsuit settlement to a lawsuit financing company like Balanced Bridge Funding.
About a Post Settlement Advance with Balanced Bridge Funding
A Class Action Settlement Advance is a Non-Recourse Transaction: We Accept All the Risk
Class Action Lawsuit funding is a non-recourse transaction. This means you don’t need to worry about what might happen if the defendant suddenly can’t pay your settlement award — we accept all risk of non-payment, meaning that you will still get to keep the money from your settlement advance if the defendant goes bankrupt or is unable to pay for whatever reason.
Fast, Hassle Free Application
In most cases, we can get your money in your hands in one week or less. Our application is simple, straightforward, and easy to complete. Remember, this isn’t a loan, so there isn’t as much paperwork to go through. In most cases, we can approve your application and have your money deposited into your checking account in a matter of days.
Class Action Lawsuit Funding: If you think our post settlement funding solution could be the right fit for you, please call one of our legal funding specialists at 267-457-4540 or to apply online, simply CLICK HERE and fill out our quick form application.
