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Abbott Faces $70M Suit Over Discontinued Stent

Law360 (December 19, 2007, 12:00 AM EST) -- Abbott Laboratories has been stung with a $70 million lawsuit for allegedly cheating a Cayman Islands-based investor out of royalties when the pharmaceutical company stopped developing the ZoMaxx stent.

Birmingham Associates Ltd. filed the suit Monday in the U.S. District Court for the Southern District of New York for alleged breach of contract when Abbott decided to push its Xience drug-eluting stent in lieu of the ZoMaxx stent.

The suit claimed that under a May 2005 investment deal with the drug maker's cardiovascular unit Abbott Laboratories...
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