Nelson N. Stone, MD, v. Bard
This article was originally published in The Gray Sheet
Executive Summary
Bard will pay a $42 mil. settlement to the original owners of ProSeed radioactive seeds, which Bard acquired in 1998. The owners had filed suit against Bard alleging the firm failed to appropriately promote the business; a jury found for the plaintiff in December, a decision that Bard was appealing (1"The Gray Sheet" Jan. 5, 2004, In Brief). The company will settle for $23 mil. and pay an additional $19 mil. to terminate ongoing commercial contracts...
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Nelson N. Stone, MD, v. Bard
Company will file post-trial motions to set aside Manhattan district court's Dec. 19 ruling that it should pay $23 mil. for breach of contract and $35 mil. for fraud to urologists who created ProSeed, a brachytherapy seed practice management and training group. The plaintiffs claim that following its purchase of ProSeed in 1998, Bard failed "to use appropriate efforts to promote" growth of the business, "failed to pay consideration due under the agreement and induced the sale of the company by misrepresentation," Bard discloses in an 8-K SEC filing. If the verdict is not set aside or the award amount reduced, Bard plans to appeal. The firm expects the post-trial motions to be decided in Q1...
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