X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.
BREACH OF CONTRACT Boston Scientific to pay $750M to stent maker Boston (AP)-Boston Scientific Corp. has agreed to pay $750 million to Israeli firm Medinol, its former partner, in a settlement that ends a contract dispute over the sale of heart stents, small devices used to prop open arteries after they have been cleared of blockages. Medinol claimed that Natick, Mass.-based Boston Scientific had broken its contract to market and distribute Medinol’s stents when it set up its own stent-making operation in Ireland in 1997. Boston Scientific countersued, saying that Medinol had cost the company hundreds of millions of dollars by threatening to stop stent shipments. Boston Scientific is now a leading maker of stents. CLASS ACTION Gas processor will pay $55M to settle 401(k) suit New York (AP)-Williams Cos., a natural gas processor and transporter, said that it is settling a class action over investments made by its retirement plans. Under the agreement, Williams will pay $55 million to the plaintiffs, $50 million of which will be covered by insurance. The plaintiffs are people who participated in Williams’ 401(k) retirement plan from July 2000. The suit alleged that the company had breached its fiduciary duties to plan participants related to investments in Williams’ shares. FRAUD WorldCom judge awards $3.5 billion to investors New York-U.S. District Judge Denise Cote of New York’s southern district has approved more than $3.5 billion to WorldCom Inc. investors and awarded the lead attorneys, Philadelphia’s Barrack, Rodos & Bacine and New York’s Bernstein Litowitz Berger & Grossmann, more than $194 million. The settlements will compensate more than 800,000 individual and institutional investors who owned WorldCom stocks or bonds near the time of its 2002 collapse. The award raises the total compensation for the plaintiffs to $6.1 billion and boosts their firms’ attorney fees to $335 million. Former WorldCom CEO Bernard Ebbers was recently sentenced to 25 years for his role in the fraud that led to the company’s collapse. -alm REGULATORY ACTION Motiva to pay $12M to settle government suit Dover, Del. (AP)-Motiva Enterprises LLC has agreed to pay a $12 million civil penalty to settle a lawsuit filed by government regulators following a fatal tank collapse and explosion at a Delaware oil refinery in 2001. The blast killed boilermaker Jeffrey Davis, injured eight other workers and spilled more than a million gallons of sulfuric acid, some of which flowed into the Delaware River. In addition to the civil penalty, Motiva has agreed to pay more than $4 million for a series of environmental projects. In addition, Premcor Inc., which acquired the refinery from Motiva in 2004, will install new safety controls valued at $7.5 million, bringing the combined total of the settlement to $23.7 million. TORTS Drunken driver must pay deceased’s family $20M Corpus Christi, Texas (AP)-A Texas state jury has awarded the four children of a woman killed in a head-on collision with a drunken driver $20.1 million after a civil trial. Brian Bagwell, 41, had a blood alcohol content three times the legal limit when his pickup crashed into Delma Hernandez’s sedan on March 5, 2004. Bagwell, who pleaded guilty to intoxication manslaughter, is currently serving a five-year prison sentence. The jury awarded $5 million in punitive damages to Hernandez’s children and $15.1 million for mental anguish, loss of maintenance, support and companionship. The children range in age from 15 to 24. WAGES AND HOURS Bank of America settles overtime suit for $9M San Francisco (AP)-Bank of America Corp. has agreed to settle a lawsuit by loan department employees in California who claim the company failed to pay them overtime. The federal class action claimed that the bank owed overtime pay to account executives, trainees and workers handling personal loans. Under the settlement, Bank of America will pay $6.68 million to the workers and up to $2.25 million to the workers’ attorneys. WHISTLEBLOWER SUIT Glaxo to pay $150M in drug-price fraud case Washington (AP)-GlaxoSmithKline PLC will pay $150 million to settle claims that it overcharged the government for two anti-nausea drugs. The settlement is the latest of recent whistleblower claims that have resulted in $2.4 billion in payments by drug companies. Glaxo engaged in a scheme to inflate the price of Zofran and Kytril for the Medicare and Medicaid programs, which reimburse health care providers based on the manufacturers’ prices. The company charged health care providers less for the drugs, knowing that they would get to keep the difference and would be more likely to prescribe them again.

This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.

To view this content, please continue to their sites.

Not a Lexis Advance® Subscriber?
Subscribe Now

Not a Bloomberg Law Subscriber?
Subscribe Now

Why am I seeing this?

LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.

For questions call 1-877-256-2472 or contact us at [email protected]

 
 

ALM Legal Publication Newsletters

Sign Up Today and Never Miss Another Story.

As part of your digital membership, you can sign up for an unlimited number of a wide range of complimentary newsletters. Visit your My Account page to make your selections. Get the timely legal news and critical analysis you cannot afford to miss. Tailored just for you. In your inbox. Every day.

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.