Medtronic Settled....

All posts from Jan 1, 2007 thru Dec. 31, 2007

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~guin
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Medtronic Settled....

Post by ~guin » December 23rd, 2007, 4:01 pm

Well is could be a Merrier Christmas for some....???

Medtronic to Pay $114 Million
In Settling Heart-Device Suits
By KATHY SHWIFF
December 21, 2007 5:48 p.m.

Medtronic Inc. said it reached a $114.1 million settlement agreement to settle lawsuits related to its Marquis line of implanted cardiac defibrillators.

The Minneapolis-based implantable biomedical device maker will settle 2,682 cases for $95.6 million as well as $18.5 million in attorneys' fees, which will be recorded as a one-time charge in its fiscal third quarter ending in January.

Medtronic said the settlement does not mean it admits liability or the validity of any defenses in the litigation.

"We are pleased to settle these cases and put the matter behind us," said Pat Mackin, senior vice president and president, Medtronic Cardiac Rhythm Disease Management. "We know the Marquis line of defibrillators continues to provide life-saving therapy for thousands of people around the world, and they remain among the most reliable ICDs ever manufactured by Medtronic."

In November 2006, a federal judge denied Medtronic's motion to dismiss more than 350 product-liability lawsuits connected to a voluntary company recall of implantable defibrillator heart devices in February 2005.

Implantable cardioverter defibrillators, or ICDs, provide shocks to stop hearts from potentially dangerous rapid beating. They treat patients at risk for sudden cardiac death, which is the leading natural cause of death in the U.S.

At issue in the product-liability suits was Medtronic's announcement in February 2005 of a potential battery shorting problem in various Marquis-brand defibrillators. The failure rate was and remains extremely low, but Medtronic voluntarily notified doctors of the issue. In the U.S., 11,000 of the machines were surgically removed and replaced with a different device, and 2,000 more such removals took place overseas.

The FDA did not take regulatory enforcement action regarding the matter but did classify Medtronic's action as a Class II recall.

Plaintiffs in the suits against Medtronic argued that the company knew for years that there was a potential for product defects but sold its stock of potentially defective devices and didn't advise patients that safer devices were available. The company has argued that it fulfilled every obligation in terms of reporting the problem, including seeking and receiving FDA approval in 2003 to implement battery design changes.

Medtronic is the largest ICD maker. The other manufacturers include rivals Boston Scientific Corp. and St. Jude Medical Inc.. Guidant Corp., which is now a Boston Scientific unit, also had a high-profile recall.

This fall, Medtronic issued a world-wide recall of heart-defibrillator wires. That drove down sales in its core defibrillator business, which reported a 16% sales drop during its fiscal second quarter to $639 million.

Medtronic pulled the wires, or "leads," from the world-wide market, a step that affected about 235,000 patients who have the leads implanted in their chests. The Sprint Fidelis lead, used to connect defibrillators to the patient's heart, has been fracturing at a rate of 2.3% in a 30-month period, more than twice that of an older Medtronic lead, the Sprint Quattro.

--Jon Kamp contributed to this article.

Write to Kathy Shwiff at kathy.shwiff@dowjones.com

david1
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Post by david1 » December 24th, 2007, 2:14 am

Just wondering how much will the actual patients receive from this settlement. Most of the time the biggest chunk of the pie goes to the attorneys and for other related expenses. I would be surprised if the patient's share will be more than $1000.

Merry Christmas..


God bless us all

david1

tomrostron
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Post by tomrostron » December 24th, 2007, 6:05 am

Will everyone with a marquis get some money, or just the people that have sued. i have a marquis 7247 which was on the recalled list, but was never replaced. PS. i was born on the 25th dec 1945 ( hint)

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Karentko
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Post by Karentko » December 24th, 2007, 6:49 am

Happy Birthday Tom :)

HapBirDay :cake: :xmasjump: :xmaswav:









:hrt Karen
The best and most beautiful things in the world cannot be seen or even touched. They must be felt with the heart....Helen Keller

Don36

Post by Don36 » December 24th, 2007, 8:51 am

I wouldn't wait for a settletment Tom, Happy Birthday anyway. smilebounce
Don36

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Momof2HeartKids
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Post by Momof2HeartKids » December 28th, 2007, 2:05 pm

Happy Birthday Tom!
Wishing You a Zap Free Day,
Cyndie


(Brugada Syndrome, Long QT Syndrome, Sick Sinus Syndrome, ICD & 2 children one with Brugada, ICD and one with Brugada, Long QT and removed ICD due to staph)

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