MINNEAPOLIS (AP) - Medical device maker Medtronic Inc. said Friday it signed an agreement to settle lawsuits related to its Marquis line of implantable heart devices for $114.1 million, following a voluntary recall of some of the products in 2005.
Medtronic said Friday it agreed to settle 2,682 cases for $95.6 million plus $18.5 million in attorneys' fees.
In February 2005, Medtronic notified doctors of a potential battery problem that can cause some Marquis implantable defibrillators to fail. As a result, Medtronic voluntarily recalled the potentially affected devices.
Implantable cardiac defibrillators are pacemaker-sized devices that deliver a shock to the heart if an abnormal rhythm is detected.
Medtronic will reflect the Marquis device settlements as a one-time charge in its third fiscal quarter, ending in January.
'We are pleased to settle these cases and put the matter behind us,' said Pat Mackin, senior vice president and president of Medtronic Cardiac Rhythm Disease Management. 'We prefer to focus our resources on areas that are beneficial to physicians and patients, rather than prolong this litigation.'
Shares of Medtronic rose 54 cents to close at $50.43.
Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.