St. Jude Medical settles Riata, shareholder suits for $64m
February 27, 2015 by Brad Perriello
St. Jude Medical said it settled a raft of product liability lawsuits filed over its Riata and Riata ST defibrillator leads and agreed with shareholders to close out a class action lawsuit brought over its 3rd-quarter 2009 results.
Taken together the settlements are worth nearly $64.3 million, including $14.3 million for the Riata cases and $50 million for the shareholders lawsuit, according to a regulatory filing. Read more
Appeals court overturns lost profits award in Medtronic's spat with NuVasive
March 3, 2015 by Brad Perriello
A federal appeals court yesterday overturned the lost profits awarded to Medtronic in its long-running patent infringement war with spine implant rival NuVasive Inc..
The U.S. Court of Appeals for the Federal Circuit decided that a lower court erred in 2011 when it awarded Medtronic $101.2 million in the case, ordering a new trial to determine the correct amount of damages. Read more
Big medtech gets behind gay marriage
March 5, 2015 by Brad Perriello
A bevy of medical device companies signed on to an amicus brief filed today urging the U.S. Supreme Court to legalize gay marriage, joining a diverse group of big-business interest that includes Apple, Google and the world-champion San Francisco Giants and New England Patriots.
Pure-play device makers Boston Scientific and St. Jude Medical joined diversified companies with large medtech businesses Johnson & Johnson, Danaher and GE in signing the brief. Cardinal Health and Becton Dickinson & Co. also signed on. Read more
Bankrupt NuOrtho Surgical looks to liquidate
March 5, 2015 by Val Kennedy
After a 7-year run Fall River, Mass.-based NuOrtho Surgical filed for Chapter 7 bankruptcy, listing liabilities of $4.74 million and assets of $287,117. Nearly 40 patents were also cited in the filing, some of which had been used as collateral.
Three of NuOrtho’s top officers were listed as creditors for deferred salary and/or unreimbursed expenses, including president & CEO Jeffrey Morrill ($351,242); chief clinical officer Wayne Auge ($849,226); and chief development officer Roy Morgan ($595,359). Read more
Boston Scientific must pay pacemaker replacement surgery: EU court
March 5, 2015 by MassDevice
Boston Scientific’s German arm is liable for the cost of operations to replace potentially defective pacemakers, Europe’s top court ruled today.
The European Court of Justice ruled that, where a medical device has a potential defect, it is possible to classify as defective all products of the same model. Read more
