A C.R. Bard (NYSE:BCR) subsidiary settled a lawsuit filed against it by VasoNova alleging that Bard and an ex-technology chief stole trade secrets to set up a new company.
VasoNova makes a system that uses Doppler ultrasound and intravascular ECG to help cardiologists place catheters in the heart. The Menlo Park, Calif.-based company sued Bard Access Systems and former chief technology officer Sorin Grunwald in May 2012, accusing them of stealing technology Grunwald developed at VasoNova and using the trade secrets to start Romedex International. That company later sold its VasoNova-competing Sapiens TLS device to Bard Access Systems.
The lawsuit accused Bard of trade secret misappropriation, conversion, unfair competition, tortious interference with contract and seeks declaratory judgment and quiet title. A year ago, Judge William Alsup of the U.S. District Court for Northern California dismissed some of VasoNova’s claims in the suit.
The 2 sides agreed last month to settle the case for undisclosed terms, with each side bearing its own legal costs, according to court documents. Judge Jon Tigar, who took over the case in February, agreed to the dismissal stipulation yesterday, according to the documents.
"All claims and defenses in this action have been dismissed as stated in the parties’ stipulation," Tigar wrote.