Medtronic Settles $40 Million Suit Over Device Milestone (1)

Medtronic Plc has resolved claims in Delaware that it stiffed former investors in TYRX Inc., a 2013 acquisition, on a $40 million post-merger payment triggered by a medical association’s recommendation in favor of a surgical device.

The ex-shareholders dropped the case with prejudice Thursday, according to a notice docketed in Delaware Chancery Court. Although the filing doesn’t expressly state that the case settled, Medtronic communications director Ben Petok confirmed Thursday that the two sides had an agreement.

“The parties have settled the matter and resolved the action,” Petok told Bloomberg Law. “Medtronic looks forward to continue developing the market for ...