Ev3 Inc. Settles Suits Over $2.6B Covidien Merger

Law360, New York (July 7, 2010, 4:18 PM EDT) -- Medical device maker ev3 Inc. has agreed to settle several proposed shareholder class actions filed over its proposed $2.6 billion sale to Ireland's Covidien PLC.

Ev3 and the plaintiffs have executed a memorandum of understanding to resolve all the claims, ev3 said in a statement issued Tuesday.

Ev3 faced four related shareholder suits in Minnesota's Hennepin County District Court and one in the Delaware Chancery Court.

The plaintiffs broadly claimed that the company officers breached their fiduciary duty to ev3's shareholders by recommending that shareholders accept...
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