Investor's $70M Suit V. Abbott Sent To Arbitration

Law360, New York (May 29, 2009, 12:00 AM EDT) -- An appellate court has dismissed a $70 million lawsuit accusing Abbott Laboratories of cheating a Cayman Islands-based investment firm out of royalties when the pharmaceutical company stopped developing the ZoMaxx stent, sending the dispute into arbitration.

Judge Shira A. Scheindlin of the U.S. Court of Appeals for the Second Circuit ruled Wednesday that Abbott can compel Cayman Islands-based investment firm Birmingham Associates Ltd. to arbitrate the dispute under the terms of a funding agreement between Birmingham and the drugmaker's cardiovascular unit Abbott Laboratories Vascular Enterprises Ltd....
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