Medtronic’s HeartWare, Investors Send $54.5M Settlement to Judge

Heart health device firm HeartWare International Inc. and its investors have asked a federal judge to approve a $54.5 million settlement in a case over problems with a 2016 clinical trial.

HeartWare agreed to the settlement Nov. 13, and the investor class asked U.S. District Judge Ronnie Abrams, of the Southern District of New York, for preliminary approval Nov. 16. Medtronic Inc. acquired HeartWare in 2016.

Investors sued in 2016 after HeartWare allegedly misled them about its efforts to fix manufacturing defects and regulatory failures that were the subject of a Food and Drug Administration warning. The defects in a ...