Johnson & Johnson is keeping mum on a report by Bloomberg News that the medical device giant has agreed to pay more than $4 billion to settle thousands of lawsuits over its recalled defective hip implants.
Bloomberg reported that it had confirmation of the deal from three people very close to the negotiations. If true, it would be the largest settlement of claims for a medical device in United States history, dwarfing the old record by some $3 billion.
According to Bloomberg, the settlement will resolve some 7,500 lawsuits in federal and state courts. That would average out to some $300,000 per claimant – and it would be open-ended, which means it would not bar patients whose hips may fail in the future from seeking compensation from J&J.