Stryker pays at least $1.43B to settle lawsuits
The medical device maker Stryker will pay at least $1.43 billion to settle thousands of lawsuits from patients who used products that have since been recalled by the company.
The settlement agreement, brokered by a New Jersey Superior Court judge, involves people who had to have surgery to remove the company’s problematic hip implants and resolves state and federal lawsuits against Stryker.
Kalamazoo-based Stryker said yesterday that 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.
Stryker expects to make most of the payments by the end of 2015.
One year ago, Johnson & Johnson paid $2.5 billion to settle 8,000 lawsuits from patients who had to have its metal ball-and-socket hip implant removed or replaced.