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Stryker Offers DOJ $33 Million over OtisKnee

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In its June 5 S.E.C. filing Stryker Corp reported that it has offered to pay the United State Department of Justice $33 million to halt a probe into the companies OtisKnee marketing practices.

Stryker wrote in the filing, “We recently entered into discussion with the DOJ regarding the potential settlement of this matter, and on May 31, 2012, we offered $33 million to the DOJ,” saying the amount represents “our best estimate of the minimum of the range of probable loss to resolve this matter.”

The offer stems from an investigation started in 2010 when Stryker was subpoenaed over allegations that it had been marketing medical devices that had not been cleared by the U.S. Food and Drug Administration.

The company wrote in the filing that Stryker and the Department of Justice had not reached a final settlement and had no schedule for when one might occur, MLive.com reported.

 

 

breakinglawsuitnews.com disclaimer: This article: Stryker Offers DOJ $33 Million over OtisKnee was posted on Thursday, June 7th, 2012 at 8:31 pm at breakinglawsuitnews.com and is filed under Medical Device Lawsuits.

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