March 27, 2015 by MassDevice
Olympus said that it agreed to pay as much as ¥11 billion ($92 million) to resolve 2 civil lawsuits arising from a 2011 accounting scandal at the maker of cameras and medical imaging equipment.
The settlements resolve claims raised in Tokyo District Court by 86 entities, including foreign institutional investors and pension funds, that sought to recoup ¥37.7 billion ($316 million) in damages, the Tokyo-based company said. Read more
March 30, 2015 by Brad Perriello
An insurance company that issued policies to Biotronik wants a federal judge in Oregon to declare that they don’t have to cover Biotronik’s losses in a pair of lawsuits filed over allegedly unneeded pacemaker implantations.
OneBeacon sued the German heart rhythm management company last week in the U.S. District Court for Oregon, seeking a declaratory judgment that it’s not liable to cover a $28 million ruling against Biotronik and any losses from another case that’s still pending, according to court documents. Read more
April 3, 2015 by Brad Perriello
Medtronic agreed to pay $4.4 million but admitted no wrongdoing to settle federal charges that it falsely labeled products manufactured overseas as made in the U.S.
The Minnesota U.S. attorney’s office said yesterday that Fridley, Minn.-based Medtronic marked products made in Malaysia and China as manufactured in Tennessee between 2007 and 2014. Those products were sold to the U.S. Veterans Affairs Dept. and the Defense Dept. in violation of the Trade Agreements Act, federal prosecutors alleged. Read more