Legal Financing Expands for the Medtronic Inc. Sprint Fidelis

litigation financing Legal Financing Expands for the Medtronic Inc. Sprint Fidelis Case Funding Inc. announced today the expansion of financing programs to include Medtronic Inc. Sprint Fidelis cases for both law firm business loans and medical funding for plaintiffs. The expansion has been a long time coming.

Sprint Fidelis Defibrillator model No.’s 6930; 6931; 6948 and 6949 were originally made to provide an electric shock to the heart in the event of cardiac arrest and were removed from the market in October, 2007 due to the potential for fracture in the defibrillator leads. It has been alleged that Medtronic knew of a higher than usual default rate in the leads for months prior to the recall, but stalled, hoping to shift the blame to implanting physicians. By January 2007, over 1,000 reports of malfunctions of the devices and the wire leads were submitted to the FDA, stating premature shocks and/or failure to provide a shock when most needed, causing serious injury and in some cases, death. For many, the defective device requires subsequent surgery to repair or replace the faulty leads. Several noted cardiologists, including Dr. Robert Hauser of the MN Heart Institute, called for action on the part of Medtronic to no avail. After delayed action on the part of the manufacturer, Hauser published his review of the device in March, 2007 and halted implantation at the institute, prompting Medtronic to issue its first warning of the faulty leads to physicians and eventually suspending sales of the Fidelis.

More than 1,000 resulting lawsuits were filed against Medtronic Inc., and the manufacturer settled their Sprint Fidelis class action lawsuit for $268M in October of 2010, which sources say will average out to approximately $33,000 per plaintiff varying based upon the degree of injury.

In September, 2013, the FDA announced plans to require a unique ID on all potentially dangerous medical devices based on the staggering scope and difficulty the FDA experienced attempting to recall the Sprint Fidelis.

As of today, CaseFunding, Inc. will be able to offer law firms with Medtonic clients in their case load and plaintiffs in need of continued medical care case cost and medical funding for these historic cases. Plaintiff’s must be represented and the case must have been filed, and only the device numbers identified above can be considered for financing.