In a patent infringement lawsuit over a decade old that has involved multiple trials, Johnson & Johnson's Cordis unit won reinstatement of more than $595 million in damages. The United States District Court in Delaware handed down the decision.
The company went up against Medtronic and Boston Scientific over coronary artery stents. In 2000, the courts told Medtronic to pay $271 million and Boston Scientific to pay $324 million plus interest at the prime rate based on damages after taxes.
Boston Scientific had motioned for a new trial, but the courts denied it and instead ruled favorably on J&J's motion to move toward final judgment, which it will enter on September 30, 2008.
That's not likely to be the end of the story, however, as Boston Scientific says it will appeal the decision.
- view the Boston Scientific release
- check out the Johnson & Johnson release
- read the WSJ Market Watch article