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Cooper v. BMS

This article was originally published in The Gray Sheet

Executive Summary

Cooper Companies settles breast implant litigation with Bristol-Myers Squibb and its Medical Engineering Corp. unit stemming from the 1988 sale of Cooper's polyurethane foam-covered breast implant business to BMS ("The Gray Sheet" Nov. 2, 1992, p. 8). Under the agreement, MEC takes responsibility for legal fees, costs, judgments, and settlements arising from "all pending and future claims in respect of breast implants sold by" Cooper's Natural Y Surgical Specialties and Aesthetech subsidiaries "prior to their acquisition by MEC." In return, Cooper will pay $3 mil. to MEC by Oct. 8 and a total of $12-30 mil. over ten years. If Cooper's debt restructuring is not completed, MEC has the right to cancel the agreement.
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