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Zimmer slips 2nd Durom lawsuit

Mon, 12/10/2012 - 9:07am
Mass Device

Zimmer Holdings dodges a follow-up lawsuit accusing it of violating the Employee Retirement Income Security Act by concealing problems with its Durom metal-on-metal hip implant.

Zimmer Holdings

Zimmer (NYSE:ZMH) escaped a 2nd lawsuit over its Durom metal-on-metal hip implant last month when a federal judge nixed the plaintiff's attempt to file a revised complaint.

Jonathan DeWald, who invested in the Zimmer Common Stock Fund set up for employees, sued Zimmer in 2009, alleging that the company violated the Employee Retirement Income Security Act by concealing the problems that led to the eventual suspension of the Durom device in 2008.

Judge Sarah Evans Barker of the U.S. District Court for Southern Indiana originally dismissed the 1st lawsuit late last year, ruling that its allegations "would not support a finding that the Defendants should have been tipped off to the fact that Zimmer's stock had become 'so risky or worthless' that it warranted removal of the stock as a plan investment option," according to court documents.

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