MEDTRONIC SETTLES SOME INFUSE LAWSUITS FOR $22 MILLION (Orthopedics This Week)
Medtronic, Inc. has agreed to pay $22 million to settle Infuse liability claims with 950 claimants. That averages out to about $23,000 per case.
The announcement on May 6, 2014, stated that approximately 750 filed cases brought by approximately 1,200 individual plaintiffs remain pending in various courts throughout the U.S. The majority of these cases are still in the early procedural stages and none have resulted in a finding of liability against Medtronic. As previously disclosed in Medtronic`s SEC filings, certain law firms have advised the company that they may bring a large number of similar claims against the company in the future. The company estimates those law firms represent approximately 2,600 additional unfiled claimants.
Potential Liability
If there are over 3,000 remaining and potential unfiled claimants and the benchmark is $23,000 per claim, Medtronic could be on the hook for another $77 million.
Earlier this month, on the eve of trial and after several days of pretrial motions, a California trial judge entered summary judgment in favor of Medtronic in the first Infuse case scheduled to g...
