A federal appeals court yesterday refused to reconsider its decision awarding $14 million to the inventor of a cutting balloon catheter, Dr. Banning Lary, for royalties owed by Boston Scientific (NYSE:BSX).
Lary initially licensed his patents to InterVentional Technologies, which was later acquired by Boston Scientific. Lary sued in 2011 after a dispute arose about when the royalty deal was due to expire, with Boston Scientific claiming it would end in 2013 instead of 2023.
A judge in the U.S. District Court for Southern Florida found for Lary in December 2014, awarding $14 million for the owed royalties and a roughly $125,000 penalty for filing a frivolous counter-claim. Boston Scientific appealed to the U.S. Court of Appeals for the 11th Circuit, which upheld the district court’s ruling in January.
Marlborough, Mass.-based Boston Scientific’s request for the 11th Circuit to reconsider was denied without comment yesterday, according to court documents.
