MINNEAPOLIS--(BUSINESS WIRE)--Medtronic, Inc. (NYSE:MDT) today announced that it has entered into an agreement to settle lawsuits relating to its Marquis line of implanted cardiac defibrillators that were the subject of a field action announced February 11, 2005.
Under terms of the settlement, Medtronic has agreed to settle 2,682 cases for $95.6 million plus $18.5 million in attorneys’ fees. The parties today will file joint requests to the Court for termination of the Multi-District Litigation (MDL) proceedings related to the Marquis devices, as well as requests for dismissal of the cases. The settlement can be terminated by either party if the MDL proceedings are not terminated.
