St. Jude Medical Settles Lawsuit Over CRM Leads for $39 Million
St. Jude Medical (NYSE:STJ) agreed to pay $39.25 million to settle a securities class action lawsuit that accused the company and its leadership of misleading investors about problems with the wire leads used with its cardiac rhythm management devices.
Investors sued Little Canada, Minn.-based St. Jude in December 2012, alleging in a pair of lawsuits that were later consolidated that the company concealed the problems that plagued its recalled Riata leads and their successor, the Durata line. The lawsuit covers owners of STJ stock from Feb. 5, 2010 through Nov. 20, 2012.
After several attempts to settle the case failed, the parties in May 2015 tapped retired judge Layn Phillips to mediate their negotiations.
Investors sued Little Canada, Minn.-based St. Jude in December 2012, alleging in a pair of lawsuits that were later consolidated that the company concealed the problems that plagued its recalled Riata leads and their successor, the Durata line. The lawsuit covers owners of STJ stock from Feb. 5, 2010 through Nov. 20, 2012.
After several attempts to settle the case failed, the parties in May 2015 tapped retired judge Layn Phillips to mediate their negotiations.