Orthopedic Product Maker OKs Settlement

Sulzer Medica Ltd. agreed to settle a class-action suit over faulty artificial hips and knees instead of filing for bankruptcy, after convincing all but 87 plaintiffs to accept the accord.

The settlement will cost Sulzer Medica $725 million, while former owner Sulzer and insurers will pay an additional $275 million.

Medica’s Sulzer Orthopedics unit, based in Austin, Texas, began recalling hip implants in December 2000, saying they might loosen. Of the 31,000 patients who received the implants, more than 2,760 had them replaced.