Medtronic to Appeal Stent Verdict
MINNEAPOLIS (AP) _ Medtronic Inc. said Friday it will appeal a $271 million jury verdict in a stent patent case to the U.S. Supreme Court after losing a petition for a rehearing before a federal appeals court.
The jury awarded the damages in December 2000 after finding that a business bought by Medtronic had infringed on stent patents owned by Cordis Corp., a unit of Johnson & Johnson.
The case has been tied up in appeals ever since. A federal judge overturned the jury award, but a three-judge panel of the U.S. Court of Appeals for the Federal Circuit in Washington, D.C., reinstated the damages in August.
On Friday, Medtronic said the appeals court had denied its request for a rehearing, and that it would take the case to the U.S. Supreme Court.
Stents are tiny metal scaffolds inserted in a heart artery to keep it open after a blockage has been cleared.
Medtronic shares fell nearly 5 percent Friday, or $3.37, to close at $45.88 on the New York Stock Exchange. Johnson & Johnson fell 19 cents to $50.11.
On the Net: