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Boston Scientific Sets Aside Guidant-Related Legal FundsBoston Scientific Sets Aside Guidant-Related Legal Funds
Boston Scientific has disclosed to the Securities and Exchange Commission that it has set aside $381 million to pay for legal costs related to faulty heart devices made by Guidant, reports the Boston Globe. The firm says it has evaluated the legal risks and found them "manageable." So far it is facing 72 class-action lawsuits and 477 individual suits -- but most are not from patients who were directly harmed.
August 10, 2006
1 Min Read
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Some health insurance companies have also sued the firm, trying to recover costs of treatments related to the malfunctions. The firm's share price did not take a hit on the news, because the move is characterized as a one-time payment and offers investors some certainty regarding potential legal costs. Also, perhaps, because Guidant-related setbacks are no longer a surprise to Wall Street?
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