How's about $45 million more? Boston Scientific says it's bolstering its fund for Guidant defibrillator [1] patients to $240 million from the $195 million it agreed to pay in July. The new total covers more patients, too. It will settle 8,500 claims stemming from Guidant defibrillators that were recalled or subject to safety warnings before Boston Scientific bought the company in April 2006. The previous deal had involved some 4,000 claims.
The company believes this will lay to rest "substantially all" of the U.S. cases. And given that it had set aside some $732 million to cover expenses, it may have money to spare. But it has to pay its attorneys first.
- check out the release [2] from Boston Scientific
- read the BusinessWeek report [3]
Related Articles:
Boston Scientific hands out pink slips. Report [4]
Boston Scientific preps for big layoffs. Report [5]
Boston Scientific deals with debt. Report [6]
Tough times for stent market. Report [7]
Links:
[1] http://www.fiercebiotech.com/story/also-noted-guidant-warns-on-defibrillators-fda-approves-new-adderall-use-an/2005-07-22
[2] http://www.fiercebiotech.com/press-releases/press-release-boston-scientific-announces-amended-agreement-settle-product-lawsuits
[3] http://www.businessweek.com/ap/financialnews/D8T0Q81G2.htm
[4] http://www.fiercepharma.com/story/boston-scientific-hands-out-pink-slips/2007-11-08
[5] http://www.fiercepharma.com/story/boston-scientific-preps-big-layoffs/2007-10-16
[6] http://www.fiercepharma.com/story/boston-scientific-deals-debt/2007-08-24
[7] http://www.fiercepharma.com/story/toughh-times-stent-market/2007-08-17