KALAMAZOO, Mich. -- Medical implant maker Stryker (SYK) will pay at least $1.43 billion to settle thousands of lawsuits from patients who had to have surgery to remove problematic hip implants.
The settlement agreement, brokered by a New Jersey Superior Court judge, resolves state and federal lawsuits against the maker of orthopedics. Stryker said Monday the $1.43 billion figure represents the "low end of the range of probable loss to resolve these matters."
The lawsuits stem from two hip implants that Stryker recalled due to corrosion and other problems in 2012. One year ago Johnson & Johnson paid $2.5 billion to settle 8,000 lawsuits from patients who had to have the company's metal ball-and-socket hip implant removed or replaced.
Stryker expects to make most of the payments by the end of 2015.