Orthofix
This article was originally published in The Gray Sheet
Executive Summary
Damages from company's successful breach of contract suit against Biomet's EBI subsidiary remain at $64 mil. following the U.S. Supreme Court's denial of Orthofix' petition to review a Third Circuit U.S. Court of Appeals decision that reduced punitive damages from $50 mil. to $1 mil. (1"The Gray Sheet" July 5, In Brief), firm announces Jan. 10. The $64 mil. total includes approximately $49 mil. in compensatory damages and $14.3 mil. in pre- and post-judgement interest. Orthofix expects to net approximately $40 mil. after legal fees and previously announced expenses
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Orthofix v. Biomet
Punitive damages related to breach of contract case filed by Orthofix in 1995 are reduced from $50 mil. to $1 mil. by the U.S. Court of Appeals for the Third Circuit, Biomet reports. However, the court upholds the original compensatory damages of $49 mil. related to the breach of contract suit found in favor of Orthofix in 1997 (1"The Gray Sheet" June 9, 1997, I&W-5). As a result, Biomet will record a $49.9 mil. charge plus interest against pre-tax earnings for the quarter ended May 31. Biomet also says that it is still "considering further legal challenges" in the case