Medtronic to pay $268 million in settlement over defibrillation leads

Devicemaker Medtronic, Minneapolis, will pay $268 million to settle lawsuits relating to defects in its Sprint Fidelis defibrillation leads, according to a news release.

The agreement calls for Medtronic and plaintiffs against the company to file a joint request to terminate the lawsuits, which include multidistrict litigation and Minnesota state court proceedings. The plaintiffs also will ask that appeals cases pending before the 8th U.S. Circuit Court of Appeals and the Minnesota Court of Appeals be dismissed. Medtronic and the plaintiffs have reserved the right to cancel the agreement if certain conditions are not met, according to the release.

If successful, the agreement will end a three-year legal ordeal for the devicemaker. Medtronic recalled its Sprint Fidelis defibrillation leads in October 2007 after reported defects linked the leads to the deaths of at least 13 people who were implanted with the defibrillators. Under the terms of deal, Medtronic will not admit any liability.