Medtronic settles 3 issues with DOJ for $50.9M: 5 things to know

Spinal Tech

Medtronic agreed to pay a $50.9 million settlement to resolve three outstanding issues with the Justice Department, according to the Star Tribune

 

Here are five things to know:

1. The settlement covers three claims brought against Covidien and ev3, which are now part of Medtronic. The claims were related to medical device promotion schemes that happened prior to Medtronic's acquisition of the companies.

2. Medtronic will pay $13 million to resolve the DOJ's investigation into allegations concerning the Systematic Evaluation Patients Treated with Stroke Devices for Ischemic Stroke Registry, and did not admit to improper or unlawful activity.

3. The company also did not admit to improper activities regarding market development and physician engagement activities from legacy Covidein and ev3, but will pay $20 million to resolve an ongoing investigation.

4. Medtronic plead guilty to a misdemeanor associated with ev3's Onyx Liquid Embolic System and paid $17.9 million as a result. The company adopted new compliance reporting terms for the next three years.

5. According to the company's press release on the payments, Medtronic said it is making significant investments to ensure the company fulfills obligations to stakeholders and does business "the right way."

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