Boston Scientific to pay out $195 million to settle Guidant product
19 July 2007
Natick, Mass., USA. Boston Scientific Corporation (NYSE:BSX) has announced
that an agreement has been reached to settle lawsuits from 2005 and 2006
associated with cardiac products manufactured by Guidant Corporation. Boston
Scientific acquired Guidant Corporation in 2006.
Under the terms of the
agreement, subject to certain conditions, Boston Scientific will pay a total
of $195 million. The agreement includes approximately 4,000 claims of
individuals that have been consolidated in the US District Court for the
District of Minnesota in a Multi-District Litigation (MDL).
the agreement includes an undetermined number — but not all — of additional
similar claims throughout the country. As a result of the agreement, the
trials in the bellwether cases in the MDL scheduled to start on July 30 have
been suspended pending implementation of the agreement.
"We are pleased by this resolution, which is in the best interest of all
involved," said Jim Tobin, President and Chief Executive Officer of Boston
Scientific. "It will better allow us to focus our time and resources on
developing innovative products to serve physicians and patients."
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