Medtronic Owes $7M In Device Royalties, University Says

Law360, New York (June 25, 2012, 2:41 PM ET) -- Saint Louis University said Friday that medical technology giant Medtronic Inc. had used tricky bookkeeping to cheat the school out of at least $7 million in patent licensing payments.

In a complaint filed against Medtronic Navigation Inc. and Medtronic Sofamor Danek Inc. in Missouri federal court, SLU said a 2007 audit by PricewaterhouseCoopers LLP revealed that the companies had been improperly calculating royalties on surgical navigation and imaging technology they license from the school.

Rather than paying 2.33 percent of their actual sales prices, as SLU...
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