Medtronic, Inc. has entered into an $114.1 million agreement to settle lawsuits relating to its Marquis line of implanted cardiac defibrillators that were the subject of a field action announced February 11, 2005.

Under terms of the settlement, Medtronic has agreed to settle 2,682 cases for $95.6 million plus $18.5 million in attorneys' fees. The parties would file joint requests to the Court for termination of the Multi-District Litigation (MDL) proceedings related to the Marquis devices, as well as requests for dismissal of the cases. The settlement can be terminated by either party if the MDL proceedings are not terminated.

The cases in the settlement are those arising from the February 2005 Marquis device field action, including cases currently filed either in the MDL or in state courts and claims that could have been filed. All settling plaintiffs must satisfy any insurance claims and subrogation interests of Medicare or Medicaid from their settlement payments. No additional sums for these cases will be paid by Medtronic for third-party claims or attorney fees, said the company officials in a recent press statement.

Medtronic said the settlement is a compromise of disputed claims, and the parties have not admitted any liability or the validity of any defences in the litigation.

Medtronic will reflect the Marquis device settlements as a one-time charge in its third fiscal quarter, ending in January 2008.

"We are pleased to settle these cases and put the matter behind us," said Pat Mackin, senior vice president and president, Medtronic Cardiac Rhythm Disease Management. "We prefer to focus our resources on areas that are beneficial to physicians and patients, rather than prolong this litigation. We know the Marquis line of defibrillators continues to provide life-saving therapy for thousands of people around the world, and they remain among the most reliable ICDs ever manufactured by Medtronic."

Medtronic, Inc., headquartered in Minneapolis, is the global leader in medical technology - alleviating pain, restoring health, and extending life for millions of people around the world.