|Medtronic paid out a large sum to settle defibrillator cases. Source: Payday Loan Times|
Medtronic has entered into an agreement to settle 2,682 lawsuits relating to its Marquis line of implanted cardiac defibrillators that were the subject of a field action announced Feb. 11, 2005.
Under terms of the settlement, the Minneapolis-based Medtronic has agreed to settle the cases for $95.6 million plus $18.5 million in attorneys’ fees. The parties have filed joint requests to the court for termination of the multi-district litigation (MDL) proceedings related to the Marquis devices, as well as requests for dismissal of the cases. The settlement can be terminated by either party if the MDL proceedings are not terminated.
The cases in the settlement arose from the February 2005 Marquis device field action, including cases currently filed either in the MDL or in state courts and claims that could have been filed. All settling plaintiffs must satisfy any insurance claims and subrogation interests of Medicare or Medicaid from their settlement payments, Medtronic said. The company also said that it will not pay additional sums for the cases, for third-party claims or attorney fees.
According to Medtronic, the settlement is a compromise of disputed claims, and the parties have not admitted any liability or the validity of any defenses in the litigation.
Medtronic said it will reflect the Marquis device settlements as a one-time charge in its third fiscal quarter, ending in Jan. 2008.