A settlement agreement totaling at least $1.425 billion will compensate hip replacement patients who had to undergo revision surgery to remove Stryker Orthopaedics' Rejuvenate and ABG II modular-neck implants.

The settlement, struck in New Jersey Superior Court, resolves thousands of claims and lawsuits on the state and federal level. American patients who underwent surgery to replace the replacement joints before Nov. 3, 2014, the date the settlement was signed, are eligible.

Stryker recalled the Rejuvenate and ABG II implants in July 2012 after discovering incidents of corrosion and other material defects.

In a statement posted on its website, the company noted that the final settlement amount had yet to be determined, with $1.425 billion "representing the actuarially determined low end of the range." It expects to pay the majority of affected payments by the end of next year.

David Bernard