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Medtronic to Settle Infuse Class Action for $85 million

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Medtronic has agreed to settle a class action lawsuit brought to federal court in 2008 by the Minneapolis Firefighters Relief Association, the Oklahoma Teachers Retirement System, the Westmoreland County Employee Retirement System, and the Oklahoma Firefighters Pension Fund, which alleges that between 2006 and 2008 Medtronic misled investors concerning the bone-growth device Infuse.

According to the class action lawsuit, Medtronic failed to disclose that sales of the Infuse bone-graft was mostly dependent on non-FDA-approved uses and that failure to disclose inflated the stock price of the company.

Medtronic will settle the class action lawsuit for $85 million, though the company denied, “that it made any misrepresentations or omissions or that it otherwise engaged in any wrongdoing.” The lead attorney for the plaintiffs said, “Members of the plaintiffs’ class are pleased that the matter has been resolved on an amicable basis for the amount of $85 million,” the Star Tribune reported.

The settlement must be approved by the court, and final documentation filed.

breakinglawsuitnews.com disclaimer: This article: Medtronic to Settle Infuse Class Action for $85 million was posted on Monday, April 2nd, 2012 at 7:34 pm at breakinglawsuitnews.com and is filed under Medical Device Lawsuits.

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