J&J said to reach $4 billion deal on hip implant lawsuits: report

REUTERS - Johnson & Johnson will pay more than $4 billion to settle thousands of lawsuits over its recalled defective hip implants, Bloomberg reported late on Tuesday, citing three people familiar with the deal.

The diversified healthcare company declined to comment on the report.

Bloomberg said the deal will resolve more than 7,500 lawsuits in federal and state courts by patients who have already had the defective devices removed, the report said.

(Reporting by Ransdell Pierson; Editing by Leslie Gevirtz)