Reuters AlertNet Lite - US announces $311 million settlement in device case

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US announces $311 million settlement in device case

27 Sep 2007 17:39:56 GMT
Source: Reuters

NEWARK, New Jersey, Sept 27 (Reuters) - Federal prosecutors in New Jersey said on Thursday they have reached a $311 million settlement with companies in the medical device implant industry.

Under the pacts, the U.S. attorney in New Jersey said in a news release, Biomet, Johnson & Johnson <JNJ.N> unit Depuy Orthopaedics, Smith & Nephew Plc <SN.L> and Zimmer Holdings Inc <ZMH.N> will pay a combined $311 million.

A fifth company, Stryker Corp <SYK.N>, will pay no civil settlement, but has agreed to reforms, including 18 months of federal monitoring, according to the news release. (Reporting by Edith Honan and Martha Graybow)

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Last updated:Thu Sep 27 17:39:56 2007