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Stryker settles derivatives suits for $1.5M

Mon, 09/24/2012 - 10:09am
Mass Device

Medical device company Stryker agrees to pay $1.5 million in legal fees to settle a pair of derivatives lawsuits.

Stryker

Stryker (NYSE:SYK) agreed to pay $1.5 million in legal fees to settle a pair of derivatives lawsuits filed by shareholders in 2010.

The Kalamazoo, Mich.-based medical device company admitted no wrongdoing in the settlement, but agreed to institute reforms aimed at preventing future regulatory and legal problems.

The lawsuits, filed in the U.S. District Court for Western Michigan, stemmed from a series of problems that afflicted Stryker and its biotech arm. In addition to paying legal fees, Stryker agreed to install a new committee to prevent violations of the False Claims Act and the Foreign Corrupt Practices Act, according to court documents.

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