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Sulzer Medica Optimistic That Mediation Agreement Will Prevent Bankruptcy

This article was originally published in The Gray Sheet

Executive Summary

An agreement attempting to resolve the suit between Sulzer Orthopedics and injured parties through a third party signals a recognition by plaintiffs that the litigation could bankrupt parent Sulzer Medica, according to the Winterhur, Switzerland company

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Sulzer Medica

Former parent firm Sulzer Ltd. initiates arbitration proceedings against the orthopedics firm seeking to "confirm legal validity and executability of Sulzer Medica's obligation to indemnify Sulzer Ltd." against device-related expenses and damage claims, Sulzer Ltd. says Dec. 20. "Over the past few weeks Sulzer Medica has...repeatedly denied any obligation to indemnify," Sulzer Ltd. claims. Sulzer Medica is seeking to settle claims related to its Inter-Op hip recall and Natural Knee II implant withdrawals via a proposed $783 mil. settlement (1"The Gray Sheet" Dec. 3, 2001, p. 20)...

Sulzer Medica

Former parent firm Sulzer Ltd. initiates arbitration proceedings against the orthopedics firm seeking to "confirm legal validity and executability of Sulzer Medica's obligation to indemnify Sulzer Ltd." against device-related expenses and damage claims, Sulzer Ltd. says Dec. 20. "Over the past few weeks Sulzer Medica has...repeatedly denied any obligation to indemnify," Sulzer Ltd. claims. Sulzer Medica is seeking to settle claims related to its Inter-Op hip recall and Natural Knee II implant withdrawals via a proposed $783 mil. settlement (1"The Gray Sheet" Dec. 3, 2001, p. 20)...

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Response to Nov. 27 Symphonix suit alleging misappropriation of trade secrets maintains that an implantable hearing device developed for Soundtec by Jack Hough, MD, uses a unique design and is different from the technology Hough helped develop for Symphonix when he worked for Central Ear Research Institute (CERI). Symphonix' suit is therefore "groundless," Soundtec claims in its Dec. 6 response (1"The Gray Sheet" Dec 3, 2001, p. 20)...

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