Tag Archives: Notes

Biomet Hip Lawsuits Move Forward, as Bernstein Liebhard LLP Notes Upcoming Case Management Conference in Federal Biomet Hip Replacement Litigation

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New York, New York (PRWEB) May 26, 2013

The federal litigation established for Biomet hip lawsuits continues to move forward in U.S. District Court, Northern District of Indiana, Bernstein Liebhard LLP reports. According to the Courts website, the litigations next Case Management Conference has been scheduled for June 17th. All of the lawsuits pending in the Biomet hip replacement litigation allege the metal-on-metal design of the Biomet M2a Magnum hip can generate high levels of metal ions, leading to metallosis in the surrounding tissue and early failure of the device. (In re: Biomet M2a Magnum Hip Implant Products Liability Litigation MDL No. 2391)

Our Firm is already representing clients in the federal Biomet hip replacement litigation, and continues to receive inquiries from Biomet M2a hip recipients who have allegedly suffered serious and debilitating complications related to the metal-on-metal device. We are pleased to see this proceeding moving forward, says Bernstein Liebhard LLP, a nationwide law firm representing the victims of defective drugs and medical devices. The Firm continues to offer free Biomet hip lawsuit evaluations to individuals allegedly injured by the Biomet M2a hip.

Biomet Hip Lawsuits

Biomet M2a Magnum Hip Replacements are metal-on-metal hip implants, which consist of a ball and cup made from a chromium-cobalt alloy. As of March 2013, court documents indicated that more than 140 Biomet hip lawsuits were pending in the federal Biomet hip replacement litigation. All federally-filed Biomet hip lawsuits were ordered transferred to the Northern District of Indiana in October 2012, in anticipation of a large number of claims.

This past January, the U.S. Food & Drug Administration (FDA) warned that metal debris shed as metal-on-metal hip components wear may accumulate to dangerous levels in the body. This occurrence can result in bone and/or soft tissue damage in the area surrounding the implant and joint, leading to adverse local tissue reactions, premature device failure, and even additional symptoms or illnesses elsewhere in the body. Among other things, the FDA cautioned doctors to consider metal ion testing if patients are experiencing symptoms of hip implant failure. According to the January announcement, the FDA is considering implementing new regulations for metal-on-metal hip implants that would make the devices ineligible for 510(k) clearances, which allowed such implants to come to market without human clinical trials.*

Alleged victims of Biomet hip replacement problems, including metallosis, hip implant failure, and other serious complications may be entitled to compensation for their medical bills, lost wages, pain and suffering, and other damages. A wealth of information about Biomet hip lawsuits is available at Bernstein Liebhards website. For additional information, please contact one of our attorneys today by calling 800-511-5092.

*fda.gov/MedicalDevices/ProductsandMedicalProcedures/ImplantsandProsthetics/MetalonMetalHipImplants/ucm241604.htm

About Bernstein Liebhard LLP

Bernstein Liebhard LLP is a New York-based law firm exclusively representing injured persons in complex individual and class action lawsuits nationwide since 1993, including those who have been harmed by dangerous drugs, defective medical devices and consumer products. The firm has been named by The National Law Journal to the Plaintiffs Hot List, recognizing the top plaintiffs firms in the country, for the past 10 consecutive years.

Bernstein Liebhard LLP

10 East 40th Street

New York, New York 10016

800-511-5092

ATTORNEY ADVERTISING.

Summerlin Asset Management Launches Their New Real Estate Investment Strategy on Buying Real Estate Notes

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Irvine, CA (PRWEB) April 23, 2013

In this market, many real estate investors are starting to look at note investments as a new opportunity to earn above market returns as the price of real estate continues to stabilize, according to Jim Stepanian of Summerlin Asset Management. Real estate note investing, is defined as the origination of new, or the purchase of existing real estate secured mortgages and/or trust deeds. Many investors use language such as Buy Notes or Note Investing because the terms of a mortgage are detailed in the promissory note. Today Summerlin Asset Management has a large supply of mortgage notes for sale as they continue to buy large pools at wholesale prices.

With SAM’s new investment strategy they explain the many similarities between investing in real estate and investing in notes, including evaluating the collateral, and working with title, escrow and insurance companies. The old adage of real estate, location, location, location also applies to notes, although it may be more appropriate to say, collateral, collateral, collateral. Value the underlying collateral of the purchasers note investment as if they will own the property. Jim Stepanian stated, we prefer to own the loan and not the home, because we enjoy great cash flow on performing notes without the headaches of owning the property.”

For more insight visit: http://www.realestatenoteinvestments.com

Summerlin Asset Management also has a large supply of non performing defaulted loans it is buying from banks. After the acquisition of the note, Summerlin has the following workout solutions:

Short Payoff

One of the most equitable options SAM has for a borrower is a short payoff. In this instance, SAM provides a 6 month option where the borrower can pay off their mortgage at a price below the market value of the property. This happens by way of a family member putting up the cash, private money financing, or using 401k proceeds (if available) to pay off the home. Here is an example:


Unpaid Balance = $ 300,000.00
Home Value = $ 200,000.00
Purchase Price of Note = $ 120,000.00

In this case, SAM would offer the borrower a payoff at $ 180,000.00. In addition, SAM will write off the remaining debt and relieve the borrower from the difference. Since SAM is still profitable, SAM does not 1099 the borrower for the difference, thus creating no tax liability for the borrower.

Short Sale

The most common of all workouts, SAM works with the borrower to list their home. During the short sale period, SAM allows the borrower to live in the home with no mortgage payments. By keeping the borrowers in the home, it ensures SAM that the house is being properly maintained while the short sale process continues. If the borrower has a 2nd lien, SAM will work diligently with the subordinate lien holder to reduce their balance and be paid through escrow. Upon closing, SAM will provide the borrower with financial assistance to relocate in a smooth and efficient timeframe.

For more information visit: http://www.mortgagenotesforsale.us

Loan Modification/Forbearance Agreement

In this case, the borrower fell behind for a variety of reasons; loss of income, health issues, career change, etc. The borrower has expressed the desire to stay in the home and demonstrated the financial ability to sustain the current mortgage payment. SAM creates a forbearance agreement that will take the total amount of payments owing and divide the sum by 12. SAM adds the 1/12 to the regular monthly payment. This will immediately help borrower to get back on track, increase SAM’s cash-on cash return, and reestablish the borrower as a seasoned performer. In the event that the borrower lapses on their forbearance payment, SAM reserves the right to initiate foreclosure.

Cash for Keys/Deed in Lieu of Foreclosure

This is an instance where borrower is emotionally disconnected with the home and is living in the home. SAM creates an opportunity where the borrower is released from all personal liability on the obligation and walk away with enough cash to relocate and establish a new life. SAM offers them an aggressive cash incentive to sign over the deed to the home. This scenario exists if the home only has a first position lien (that SAM purchased) and the balance of the loan is higher than the value of the home. After SAM comes to a formal agreement in writing, SAM performs a thorough inspection of the home to identify potential problems. SAM’s contract states that within their discovery process SAM will identify problematic situations, i.e. roof leak, SAM has the right to reduce their cash offer to the current owner. SAM’s team encourages the home owner to treat this as a business decision.

Principal Balance Reduction

In this scenario, the balance of the borrowers loan is 175 percent or greater than the value of the home. In this case, borrower wants to keep their home. However, the borrower realizes they will never recoup the negative equity that they are paying down.

SAM will structure a 12 month program to write down the balance of the borrower loan in exchange for 12 months of un-interrupted, on-time payments. Here is an example below:

Unpaid Balance = $ 300,000.00
Home Value = $ 200,000.00
Purchase Price of Note = $ 120,000.00
Monthly Principal and Interest Payment = $ 1,896.20

For more info: http://www.safestrealestateinvestment.com

SAM will give the borrower a $ 5000 per month balance reduction at the end of the 12th month assuming borrower has made 12 on time payments. The end result is SAM’s portfolio enjoys a cash-on-cash return of 18.96 percent on their $ 120,000 investment while the borrower has the benefit of reducing the balance of their loan by $ 60,000 by month 12. This gives the borrower hope that their house will become an asset in the near future. In addition, SAM now has the ability to sell a 12 month, seasoned, performing loan, upwards of 70 percent of the home value. In conclusion, their return on investment for 12 months is 35.62 percent.

Today, Summerlin Asset Management has contracts with national banks, regional banks, hedge funds, and loan servicing companies across the united states. Therefore, Summerlin has more supply of 1st Trust Deed mortgage notes than most of its competitors. If you would like more information contact: Shannon Derosby or Adam Pakes at (928) 854-7747 or please visit http://www.investinsam.com







DePuy ASR Hip Lawsuit News: Bernstein Liebhard LLP Notes Request for Voluntary Dismissal in California DePuy Hip Recall Case

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New York, New York (PRWEB) May 24, 2013

DePuy ASR lawsuit claims stemming from the 2010 DePuy hip recall continue to move forward in courts throughout the country, Bernstein Liebhard LLP reports. According to documents filed in Californias San Francisco Superior Court on April 25th, a Plaintiff who had been seeking an expedited trial of her DePuy hip lawsuit is voluntarily seeking dismissal of the case. (Tilman v. DePuy Orthopaedics, Inc., et al., No. CGC11508806; Calif. Super. Ct., San Francisco).

This news is particularly interesting as when a case is voluntarily dismissed it is often an indication that the parties have come to an agreement, says Bernstein Liebhard LLP, a nationwide law firm representing the victims of defective drugs and medical devices. The Firm continues to offer free legal evaluations to individuals who suffered metallosis, premature device failure, and other serious complications allegedly related to the 2010 DePuy hip recall.

DePuy ASR Hip Lawsuits

Court records indicate that there are more than 10,000 DePuy ASR hip lawsuits currently pending in courts throughout the U.S. The DePuy hip recall was announced after the metal-on-metal hip implants were found to be failing in an unacceptably high number of patients. The U.S. Food & Drug Administration (FDA) is now reviewing the safety of all metal hip implants, over fears that the devices can shed dangerous amounts of metal debris into patients bodies, leading to premature failure of the hips and other serious complications. In January, the agency proposed a new regulation that would make such devices ineligible for the agencys 510(k) clearance process, which allowed all-metal hips like the ASR hip to gain FDA approval without first undergoing human clinical trials. The FDA also advised doctors to test metal hip implant patients for elevated metal ion levels if they present with symptoms of a failing hip implant.*

The majority of DePuy hip lawsuits have been filed in a multidistrict litigation now underway in U.S. District Court, Northern District of Ohio. Court records indicate that the first trials in that litigation will begin this September. (In re: DePuy Orthopaedics, Inc. ASR Hip Implant Products Liability Litigation MDL 2197) Two lawsuits have already gone to trial at the state level, one of which ended with a California Superior Court jury awarding the Plaintiff more than $ 8 million in damages. (Kransky v. DePuy, BC456086, California Superior Court, Los Angeles County) However, the jury hearing a second trial in Illinois state court found for DePuy. (Strum v. DePuy, 2011-L-9352, Circuit Court of Cook County) According to an April 16th report from The New York Times, documents submitted as evidence in both of those trials indicated that Johnson & Johnson and its DePuy Orthopaedics unit knew that the ASR was flawed years before the recall was announced, but did not disclose this information to the public or the medical community.**

Earlier this month, DePuy Orthopaedics announced it would end sales of metal-on-metal hip implants, citing recent FDA actions and decreased demand for the products, according to the New York Times. The sales suspension includes a metal-on-metal version of the companys DePuy Pinnacle hip replacement system, which is also the subject of lawsuits.*** Bernstein Liebhard partner, Jeffrey S. Grand, is serving on the Plaintiffs Steering Committee in a multidistrict litigation established for DePuy Pinnacle lawsuits in U.S. District Court, Northern District of Texas. (In re: DePuy Orthopaedics, Inc. Pinnacle Hip Implant Products Liability Litigation – MDL No. 2244)

Bernstein Liebhard LLP is actively filing claims in the DePuy ASR litigation underway in Ohio. Individuals who suffered metallosis, premature device failure or other complications allegedly related to the DePuy hip recall may be entitled to compensation for their medical bills, lost wages, pain and suffering, and other damages. A wealth of information regarding DePuy ASR hip lawsuits is available on Bernstein Liebhard LLPs website. For a free case review, please contact one of our attorneys by calling 800-511-5092.

*fda.gov/MedicalDevices/ProductsandMedicalProcedures/ImplantsandProsthetics/MetalonMetalHipImplants/ucm241604.htm

**nytimes.com/2013/04/17/business/johnson-johnson-wins-case-on-artificial-hip.html?ref=health&_r=0

***nytimes.com/2013/05/17/business/jj-is-phasing-out-metal-replacement-hips.html?ref=health&_r=0

About Bernstein Liebhard LLP

Bernstein Liebhard LLP is a New York-based law firm exclusively representing injured persons in complex individual and class action lawsuits nationwide since 1993, including those who have been harmed by dangerous drugs, defective medical devices and consumer products. The firm has been named by The National Law Journal to the Plaintiffs Hot List, recognizing the top plaintiffs firms in the country, for the past 10 consecutive years.

Bernstein Liebhard LLP

10 East 40th Street

New York, New York 10016

800-511-5092

ATTORNEY ADVERTISING.