Covidien has reached a $3.5 million settlement in litigation that Rochester Medical filed on March 16, 2004 against CR Bard; Tyco International and Healthcare Group (now Covidien); Novation; VHA; and Premier Purchasing Partners.
The Stewartville, Minn.-based company has previously won settlements with all other co-defendants. Bard settled for $49 million and Premier settled for more than $8.8 million.
Under the terms of the settlement, Rochester Medical, represented by the Lanier Law Firm and Patton, Tidwell & Schroeder, dismissed Covidien from the litigation with prejudice. Covidien will pay out a total of $3.5 million, out of which Rochester Medical will pay approximately $2.5 million in attorney's fees and expenses. The company said that the impact of the settlement will be reflected in its second quarter financials.