Boston Scientific reaches amended agreement to settle Guidant product claims

-CNN

11/19/2007 - Boston Scientific (NYSE:BSX) Corp. Monday said it reached an amended agreement to settle for $240 million claims related to product communications issued by Guidant Corp. in 2005 and 2006.

Boston Scientific acquired Guidant in 2006.

The agreement amends a prior agreement Boston Scientific reached in July in which the company agreed to pay $195 million. The amended agreement was reached during mediation sessions conducted in Minneapolis, the company said.

The agreement covers 8,550 patient claims, including all those that have been consolidated in the U.S. District Court for the District of Minnesota in a multi-district litigation, as well as other filed and unfiled claims throughout the U.S.

Boston Scientific is manufacturer of medical devices based in Natick, Mass. Its stock closed Friday at $12.10.

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