Biomet Judgment Cut In Half
July 28, 2016 at 4:25 p.m.
A judge has reduced the financial judgment against Biomet in a case against Orthofix.
According to the ruling by the trial court judge, Biomet will pay $50 million instead of $100 million in punitive damages.
In June, a U.S. District jury in New Jersey ruled that Biomet and its subsidiary, EBI, breached a distribution contract with Orthofix SRL.
The jury ruled that EBI's development of a new and substantially improved external fixation system, known as Dynafix System, prior to expiration of a contract with Orthofix constituted breach of distribution agreement.
The jury awarded compensatory damages of $49 million and punitive damages of $100 million.
Biomet is still appealing the compensatory damages.
Within 20 days, Orthofix must decide whether to accept or reject the reduced award. If Orthofix rejects the reduced award, the court will grant Biomet's motion for a new trial to address punitive damages. [[In-content Ad]]
A judge has reduced the financial judgment against Biomet in a case against Orthofix.
According to the ruling by the trial court judge, Biomet will pay $50 million instead of $100 million in punitive damages.
In June, a U.S. District jury in New Jersey ruled that Biomet and its subsidiary, EBI, breached a distribution contract with Orthofix SRL.
The jury ruled that EBI's development of a new and substantially improved external fixation system, known as Dynafix System, prior to expiration of a contract with Orthofix constituted breach of distribution agreement.
The jury awarded compensatory damages of $49 million and punitive damages of $100 million.
Biomet is still appealing the compensatory damages.
Within 20 days, Orthofix must decide whether to accept or reject the reduced award. If Orthofix rejects the reduced award, the court will grant Biomet's motion for a new trial to address punitive damages. [[In-content Ad]]