|This ^ is Gary's happy face. Gary Michelson, Bloomberg, Medtronic, lawsuit, settlement|
"Dr. Michelson is well known in the industry for prodigiously inventing and patenting numerous spine implants, surgical tools and techniques. During the 1990's Michelson licensed his inventions to Sofamor Danek, which Medtronic acquired in 1999 for $3.3 billion. In 2001, Medtronic sued Michelson for over $200 million, charging that he was marketing some of his inventions to competitors. Michelson turned out to be anything but a pushover and countersued, charging that Medtronic had failed to develop the inventions he had licensed to the Company, was infringing on his inventions and was therefore depriving him of tens of millions of dollars in royalties.
Last fall, a federal jury ruled in favor of Michelson and ordered Medtronic to pay over $500 million in compensatory and punitive damages. The jury also said Medtronic owed royalties on sales of products that used Michelson's inventions, an amount that could have totaled $1 billion over two decades. The utterly tenacious Dr. Michelson didn't give up there and sought to appeal the court's decision seeking up to $1.7 billion from Medtronic. Neither side would say what led to Friday's $1.35 billion agreement, but it does resolve all outstanding litigation between the parties, removes the stigma of a court case that wasn't going well for Medtronic and ultimately gets everyone out of the "valley of the lawyers" as we like to call it."
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