Medtronic ERISA Suit Over $510M IP Payouts Tossed

Law360, New York (March 18, 2010, 3:29 PM EDT) -- A federal judge has dismissed a putative class action brought by current and former Medtronic Inc. employees claiming that the medical device maker's retirement plan suffered steep losses after Medtronic revealed it would pay nearly $510 million in patent settlements.

But Judge Patrick J. Schiltz of the U.S. District Court for the District of Minnesota ruled Wednesday that the retirement plan beneficiaries would have one last chance to bring an amended complaint, provided they succinctly outline the claims against Medtronic and trim the current “oppressive” length....
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