Medtronic PLC reportedly informed investors that it's close to settling lawsuits pertaining to its bone morphogenetic protein product Infuse, according to the Star Tribune.
Here are five things to know:
1. The company reached an agreement to settle "substantially all" of the lawsuits related to Infuse, totaling around 6,000 actual and threatened suits in a securities filing.
2. The settlement amounts are confidential. However, the company set aside $300 million for legal fees.
3. The attorneys general in five states sent subpoena documents and requests for information on the sale and marketing of Infuse, and Medtronic has cooperated with the requests; the company set aside funds for inquires last year as well.
4. Last December a St. Louis judge paved the way for a jury trial alleging personal injuries from Infuse, which would reveal the sealed internal documents.
5. The company continues to deny allegations associated with the lawsuits filed by patients, investors and employee whistleblowers.
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