WASHINGTON (dpa-AFX) - Medical device maker Boston Scientific Corp. (BSX) said Wednesday that a court has ordered the company to pay $308 million in damages for breaching its license agreement with Mirowski Family Ventures LLC, which owns patents related to implantable heart stimulators.
In a regulatory filing, Boston Scientific said that following a jury verdict against it, the Montgomery County Circuit Court in Maryland entered a judgment that the company has breached its license agreement with Mirowski Family Ventures and awarded damages of $308 million.
However, Boston Scientific noted that the facts and the law do not support the jury's findings or the amount of the damages. The company plans to seek to overturn the judgment in post-trial motions with the Circuit Court and, if necessary, through the appeals process.
In September 2011, Boston Scientific filed a compliant against Mirowski in the U.S. District Court for the Southern District of Indiana for a declaratory judgment that Boston Scientific has paid all royalties owed, and did not breach any contractual or fiduciary obligations arising out of a license agreement.
However, Mirowski answered and filed counterclaims requesting damages. In May 2013, Mirowski filed a complaint alleging breach of contract by Boston Scientific, in Montgomery County Circuit Court, Maryland. The complaint was amended by Mirowski in August 2013.
In July 2013, the Indiana case was dismissed. In September 2013, Boston Scientific removed the case to the Maryland court. In June 2014, the District Court granted Mirowski's motion to remand the case to the Montgomery County Circuit Court, with trial commencing on September 2, 2014.
BSX closed Wednesday's trading at $12.15, down $0.02 or 0.16 percent on a volume of 9.33 million shares.
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