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St Jude Medical Reaches Settlement Agreement With Department of Justice

St Jude Medical, a global medical device company, has reached a settlement agreement with the US Department of Justice (DOJ) regarding a previously disclosed July 2007 investigation in Ohio related to certain rebates.

St Jude Medical said that the agreement fully resolves previously disclosed investigation in Ohio. In connection with the settlement, St Jude Medical did not admit liability or wrongdoing.

The allegations centered on small, isolated product rebates that the company paid more than five years ago. The company entered into a settlement agreement in order to avoid the potential costs and risks associated with litigation.

St Jude Medical said that the agreement brings full and final closure to the matter in Ohio. As part of the settlement, the company will make a payment of $3,725,000 to the DOJ. St Jude Medical affirms that the resolution of the matter has no material impact on the company’s financial position or operations.

St Jude Medical develops medical technology and services that focus on putting more control into the hands of those who treat cardiac, neurological and chronic pain patients worldwide.