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Boston Scientific Corp.

This is a settlement for the Drugs/Medical Devices lawsuit.

Minneapolis, MN: (Jul-13-07) A series of over 4,000 lawsuits were filed against Guidant Corp. over the company's manufacturing of faulty heart defibrillators. The spate of lawsuits was brought against Guidant, which has a cardiac rhythm management unit based in Arden Hills. The company ultimately recalled more than 100,000 defibrillators, a move that contributed to a downturn in the market for the devices. Boston Scientific Corp. inherited the legal troubles when it acquired Guidant last year for $27.5 billion.

In a settlement reached, Boston Scientific agreed to pay upwards of $195 million to settle the more than 4,000 claims. Boston Scientific, which makes medical devices, said in August 2006, that it had set aside $381 million to cover legal expenses related to the charges. [BUSINESS JOURNAL: DEFECTIVE DEFIBRILLATOR]

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Published on Jul-16-07


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