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Medtronic Says Reached Deal On Shareholder Suit For $85 Million

DOW JONES NEWSWIRES Medtronic Inc. (MDT) said it reached an agreement in principle to settle all claims in a previously disclosed federal shareholder class action for $85 million. The action, initially filed in December 2008 against the medical-device maker and certain current and former officers by the Minneapolis Firefighters Relief Association, had sought damages for alleged misrepresentations and omissions by the company. Under the settlement, Medtronic explicitly denies that it made any misrepresentations or omissions or that it otherwise engaged in any wrongdoing, it said. The deal is subject to court approval and some final documentation. The company expects to file the settlement cost as a one-time charge in its current fourth quarter, which ends April 27. Medtronic has continued to see challenges in its key cardiac-rhythm and spine segments. Last month, the company said its fiscal third-quarter earnings rose 1.2% to $935 million, aided by fewer charges and the impact of divesting its Physio-Control business. Revenue was up 1.6% at $3.92 billion. Shares closed Friday at $39.19 and were up 3 cents after hours. The stock is up 2.5% over the past three months. -By Ben Fox Rubin, Dow Jones Newswires; 212-416-3108; ben.rubin@dowjones.com

Stock News for Medtronic (MDT)
DateTimeHeadline
08/31/201507:04:50Medtronic Study Detects Gene Associated with Sudden Cardiac Death
08/31/201507:04:43Medtronic Study Detects Gene Associated with Sudden Cardiac Death
08/25/201518:36:00Medtronic to Buy Privately Held Twelve Inc. -- 2nd Update
08/25/201517:43:26Statement of Changes in Beneficial Ownership (4)
08/25/201510:41:00Medtronic to Buy Privately Held Twelve Inc. -- Update
08/25/201510:40:00Medtronic to Buy Privately Held Twelve Inc.
08/25/201510:18:00Medtronic to Buy Privately Held Twelve Inc.
08/25/201509:00:00Medtronic to Acquire Twelve, Inc., Developer of Transcatheter...
08/21/201516:15:30Medtronic Announces Cash Dividend for Second Quarter of Fiscal...
08/20/201511:00:34Medtronic Announces 2015 Global Heroes Team, Marking 10 Years...
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08/05/201516:23:39Statement of Changes in Beneficial Ownership (4)
08/05/201516:23:39Statement of Changes in Beneficial Ownership (4)
08/05/201516:23:38Statement of Changes in Beneficial Ownership (4)
08/05/201516:23:38Statement of Changes in Beneficial Ownership (4)
08/05/201516:23:11Statement of Changes in Beneficial Ownership (4)
08/05/201516:15:47Statement of Changes in Beneficial Ownership (4)
08/05/201516:15:47Statement of Changes in Beneficial Ownership (4)

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