St. Louis University Sues Medtronic, Inc. for At least $7 Million in Royalties
Published: Jun 27, 2012
St. Louis University sues Medtronic for at least $7 million in surgical navigation and imaging technology royalties, claiming the med-tech giant used confusing accounting methods to short-change the school. Saint Louis University sued Medtronic (NYSE:MDT) this month, accusing the medical device giant of using opaque accounting methods to cheat the school out of at least $7 million in royalties for surgical navigation and imaging technology licenses. SLU signed a licensing contract in 1995 with Stealth Technologies Inc., providing the school with 2.33% royalties on the net selling price of all licensed products, according to court documents. Stealth was acquired by Sofamor Danek Group, which was later acquired by Medtronic in 1999.