Victims of defective hip implants are finally receiving compensation for their injuries after five months of mediation and negotiations recently came to an end. Just last week, a $1 billion settlement was announced in the products liability lawsuits against Stryker Corporation, the maker of the defective Rejuvenate and ABG II hip replacement devices that were installed in thousands of people across the country. Under the terms of the settlement agreement, payouts should begin in the summer of 2015. The total payouts are not strictly limited to $1 billion figure, however. Stryker can end up paying out much more than that depending on the number of claims filed, and the actual figure is expected to exceed $1.4 billion. These lawsuits followed Stryker's recall of two of its hip replacement products in July 2012 after numerous complaints and concerns were raised regarding the safety of the devices. The recall, however, came too late for some as the products had already been on the market for roughly four years and thousands of people had already had the device installed. Once implanted in the victims, the products' defects caused the metal in the devices to corrode. This corrosion released toxic substances into their bloodstreams which led to numerous medical complications. At the very least, most victims suffered from pain and swelling in the tissue surrounding the implants. According to the terms of the settlement, those who received one of the defective hip replacements and then had it removed, will be eligible to receive a base payment of $300,000. Not every victim will receive the same amount, however, as additional compensation will be paid out ranging from $10,000 to $600,000 depending on the level of damages and complications the victim experienced as a result of the procedure. Stryker also remains legally liable for any future complications the victims may experience for a period of two years after the remedial surgery. In order to receive compensation under the settlement agreement, those eligible must submit the necessary paperwork by March 2, 2015. Although victims of the defective devices may elect to receive compensation under the terms of this settlement, they are also free to opt-out and bring a lawsuit individually. However, under the terms of the agreement 95% of the plaintiffs in the matter must agree to the settlement offer, or Stryker will be free to embark on new negotiations. Even though the settlement has been announced and payment claims can soon be filed, victims of the defective devices may still bring legal claims against Stryker for their injuries. If you or a loved one experienced problems with a Stryker hip implant you should contact a personal injury attorney as soon as possible to protect your rights and ensure you receive everything you are entitled to. You may still be eligible to file a Stryker hip lawsuit.