Medtronic Divvies Up $114M To Wind Down Suits

Law360, New York (January 2, 2008, 12:00 AM EST) -- Having thrown in the towel in the litigation over its Marquis defibrillators, Medtronic Inc. wants court approval of its plans for doling out $114.1 million to thousands of plaintiffs and their lawyers.

After denying earlier rumors of nine-figure settlements, the medical device giant announced on Dec. 21 that it would settle 2,682 suits over the allegedly faulty implantable cardiac defibrillators for $95.6 million and hand plaintiffs' attorneys $18.5 million in fees.

The litigation has been a thorn in Medtronic's side for almost three years. But the...
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