Endo Health unit AMS to pay $54.5M in settlement

theflyonthewall.com

In a regulatory filing, Endo Health disclosed that as previously reported, since 2008, its wholly-owned subsidiary American Medical Systems, AMS, and more recently, in certain cases the Registrant or certain of its subsidiaries, have been named as defendants in multiple lawsuits in various federal and state courts, as well as in Canada, alleging personal injury resulting from the use of transvaginal surgical mesh products designed to treat pelvic organ prolapse and stress urinary incontinence. On June 14, 2013, AMS and certain plaintiffs' counsel representing mesh-related product liability claimants entered into a definitive Master Settlement Agreement regarding a set inventory of filed and unfiled mesh cases handled or controlled by the participating counsel. The company and AMS intend to continue to vigorously defend themselves in the remaining mesh product liability cases and in any new cases that may arise. Under the terms of the Agreement, AMS will pay $54.5M into a settlement fund held in escrow by a mutually agreed upon escrow agent, on or before July 15, 2013. The Agreement establishes a claims administration process that includes guidelines and procedures for administering the settlement. If the 95% plaintiff participation threshold is not reached by October 12, 2013, AMS may terminate the settlement program and have the escrowed $54.5M repaid to it.

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