Boston Scientific to settle Guidant lawsuits
Company will pay $195 million to settle nearly 2,000 lawsuits
07/14/07
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Boston Scientific said it would settle some 1,850 pending federal lawsuits that alleged the company sold faulty defibrillators and pacemakers. Boston Scientific acquired liability for more than 100,000 Guidant Corporation cardiac-assist devices when it purchased Guidant in 2006. The case was consolidated in the U.S. District Court in Minneapolis.
Boston Scientific estimated the lawsuits could cost the company $732 million. The company’s chief executive, James Tobin, said he was “pleased” with the agreement. The company still faces about 100 state product liability lawsuits not included in the federal settlement.
Source: Keith Winstein, “Boston Scientific Will Settle Federal Suits,” Wall Street Journal, July 14, 2007.
