Monday, July 27, 2009

Elsie Law's Daily Dose Of The Law

Reportedly a 9-figure legal settlement has been reached concerning the usage of the patent of stents. Stents are metal tubes that are utilized to prop open arteries after plaque has been removed from them. Medtronic Inc. has agreed to pay Abbott Laboratories $400 million to settle a patent lawsuit involving the use of the invention.

As a part of the settlement agreement, both corporations have agreed not to bring any stent-related lawsuits against each other for the next decade.

Out of their $400,000,000 settlement payments, Abbott Labs must reportedly pay $42 million to Evysio Medical Devices- the licensor of the stents.

[SIDEBAR: Who knew that stent-manufacturing was so profitable?]

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