Medtronic to settle ICD lawsuits for $114 mln

-Reuters

12/23/2007 -  Medtronic Inc said on Friday that it has agreed to settle 2,682 legal cases related to its Marquis line of implanted cardiac defibrillators for $95.6 million plus $18.5 million in attorneys' fees.

Medtronic said it will post the payments as a one-time charge in its third fiscal quarter ending in January.

In November 2006, a U.S. district court denied the company's request to dismiss the lawsuits, which stemmed from a recall of the devices.

Implantable defibrillators are stopwatch-sized devices that deliver a shock to temper racing heart beats.

"We are pleased to settle these cases and put the matter behind us ... 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," Pat Mackin, president of Medtronic's cardiac rhythm disease management unit, said in a statement.

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