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Hansen Medical v. Luna Innovations

This article was originally published in The Gray Sheet

Executive Summary

Firms ink settlement agreement calling for Luna to give Hansen 9.9% of the company in stock, plus $5 million over four years, to resolve allegations of misappropriation of trade secrets, Luna announces Dec. 11. The pact also includes a multi-year development and supply agreement to integrate Luna's fiber optic shape-sensing technology into Hansen's medical robotic instruments. Luna simultaneously announced it has filed an amended Chapter 11 bankruptcy reorganization plan for court approval. Hansen's charges, originally filed in June 2007 in Santa Clara, Calif., Superior Court, stemmed from a previous agreement under which Luna "conducted certain research and performed certain services" for Hansen, Luna explains in its annual report. In addition to trade secret misappropriation, the allegations included aiding and abetting breach of fiduciary duty, unfair competition, breach of contract, intentional interference with contract, breach of implied covenant of good faith and fair dealing, declaratory judgment, and fraud. Last April, a jury ruled in Hansen's favor to the tune of $36.3 million

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