Rochester Medical Announces Settlement With TYCO Healthcare Group, L.P., Now Operating as Covidien Ltd.
January 15 2009 - 4:04PM
PR Newswire (US)
STEWARTVILLE, Minn., Jan. 15 /PRNewswire-FirstCall/ -- Rochester
Medical Corporation (NASDAQ:ROCM) today announced that Covidien
Ltd. and Rochester Medical have reached a settlement to the
litigation which Rochester Medical filed on March 16, 2004 against
C.R. Bard, Inc; TYCO International (US) Inc.; TYCO Healthcare
Group, L.P.; Novation, LLC; VHA Inc.; and Premier Purchasing
Partners L.P. (Premier). Under the terms of the settlement,
Rochester Medical, represented by The Lanier Law Firm P.C. and
Patton, Tidwell, & Schroeder, L.L.P., is dismissing TYCO
International (US) Inc.; TYCO Healthcare Group, L.P. and Covidien
Ltd. from the litigation with prejudice, and Covidien Ltd. is
paying Rochester Medical a total of $3,500,000 out of which
Rochester Medical will pay approximately $2,500,000 in attorney's
fees and expenses. The impact of the settlement will be reflected
in the Company's second quarter financials. Rochester Medical has
previously announced settlement agreements with all other
defendants in the case. Rochester Medical Corporation develops,
manufactures, and markets disposable medical catheters and devices
for urological and continence care applications. The Company
markets under its own Rochester Medical(R) brand and under existing
private label arrangements. For further information, please contact
Anthony J. Conway, President and Chief Executive Officer of
Rochester Medical Corporation at (507) 533-9600. More information
about Rochester Medical is available on its website at
http://www.rocm.com/. DATASOURCE: Rochester Medical Corporation
CONTACT: Anthony J. Conway, President and Chief Executive Officer
of Rochester Medical Corporation, +1-507-533-9600 Web site:
http://www.rocm.com/
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