Medtronic Inc. announced today a $114.1 million agreement to settle 2,682 lawsuits related to its implantable Marquis cardiac defibrillators. Still, the Minneapolis-based company said it does not admit liability or the validity of the plaintiffs’ allegations in litigation against the defibrillators.

“We are pleased to settle these cases and put the matter behind us,” said Pat Mackin, who is the senior vice president and president of Medtronic Cardiac Rhythm Disease Management. “We know the Marquis line of defibrillators continues to provide life-saving therapy for thousands of people around the world, and they remain among the most reliable ICDs ever manufactured by Medtronic.”

The announcement comes nearly three years after Medtronic announced a potential battery shorting problem in the Marquis-brand defibrillators in February of 2005. Some 13,000 devices were surgically removed and replaced worldwide.

According to the suits against Medtronic, the company knew for years that there was a potential for defects but sold the devices nonetheless, failing to advise patients that there were safer devices available.

Source: CNNMoney.com, “UPDATE: Medtronic Settles ICD Lawsuits for $114.1 Million,” December 21, 2007.