Details on the settlement, which puts to bed several lawsuits filed in federal court in Texas, were not disclosed, according to court documents filed Feb. 13.
The agreement follows a $17.4 million jury verdict for Naples, Fla.-based Arthrex late last year, in which the U.S. District Court for Eastern Texas panel found that Smith & Nephew subsidiary ArthroCare infringed a pair of Arthrex patents. The infringement was willful, the jury found, opening the door to trebled damages, according to the documents.
Arthrex said at the time that it planned to pursue an injunction barring further manufacture and sales of the infringing devices, as well as further damages.
“Since its foundation, Arthrex has been committed to the mission of helping surgeons treat their patients better, and we are very appreciative for the extraordinary efforts of our trial team and the sound judgment of the jurors of East Texas which have helped Arthrex continue this mission and protect its innovative technology,” Arthrex general counsel John Schmieding said at the time.
Smith & Nephew 1st sued Arthrex over suture anchors back in 2004, winning a $20.5 million judgment in June 2008. Although that verdict was overturned the next year, a new trial ended in an $85 million judgment for Smith & Nephew in 2011. After the case bounced from the district level to the U.S. Federal Circuit Appeals Court and back, the appeals court in March 2015 upheld the decision. In June of that year Smith & Nephew said it received $99 million from Arthrex, including $4 million in costs and interest payments.
In November 2016, Arthrex asked the U.S. Supreme Court to review a $99 million loss to the British orthopedic and wound care giant.