Original Medtronic vs Gary Michelson lawsuit. Medtronic sued Gary for breach of contract, tortuous interference...

This ^ is Gary's happy face. Gary Michelson, Bloomberg, Medtronic, lawsuit, settlement

Originally Medtronic sued Gary for breach of contract because Gary was marketing his patents which he licensed to Medtronic to competitors which was against their contract. Gary was indeed breaching his contract. Gary then countersued and said Medtronic failed to develop his inventions and was infringing on his patents. Gary won that suit and Medtronic was ordered to pay Gary $500M via jury verdict. This is not good enough for Gary. He appeals and asks for $1.7B. Then Medtronic and Gary settle with Gary selling his patents and rights to Medtronic. Gary also promises Medtronic rights to anything he invents in the next 15 years then Gary stops "inventing" aka patenting other people's inventions. Just some clarification to note that Gary did breach a contract. The court did not award $1.3B to Gary but $500M. Medtronic agreed to give $1.3B to Gary in exchange for all current and future rights.

"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."

http://www.healthpointcapital.com/research/2005/04/25/medtronic_and_michelson_finally_settle_for_135_billion/

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