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Medtronic to pay Etex breach of contract damages

This article was originally published in The Gray Sheet

Executive Summary

California arbitrator forces Medtronic to shell out $50.2 mil., plus interest, to Etex for retracting its 2002 agreement to purchase the firm contingent upon the development of a bone graft product meeting certain technical specifications. Medtronic claimed the product failed to meet the agreed specifications. The arbitrator disputed Etex' allegations of antitrust, fraud and tort claims against Medtronic, whose minority interest in Etex is unaltered by the decision. Medtronic will record a charge in fiscal Q4 related to the ruling...
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