Under the terms of the agreement and subject to certain conditions, including acceptance of the settlement by individual claimants, LivaNova has agreed to a settlement framework that provides for a comprehensive resolution of the personal injury cases pending in the multi-district litigation in U.S. federal court, a related class action case pending in U.S. federal court, as well as certain cases in state courts across the U.S. The agreement provides for a total payment of up to $225 million to resolve the claims covered by this settlement, with up to $135 million to be paid no earlier than July 2019 and the remainder in January 2020.
“We are pleased with the manner in which LivaNova has responded to these claims,” said Sol Weiss, Lead Counsel for the Plaintiffs’ Executive Committee, which had been directing the federal litigation for the claimants. “These were complicated cases and the patients involved with this litigation have difficult medical histories. Protracted litigation was in no one’s interest, as the plaintiffs could benefit from settlement proceeds today. We especially appreciate the guidance from U.S. District Judge John E. Jones III, who oversaw the federal litigation.”