Devices & Diagnostics

Cardiovascular Systems and eV3 settle employment dispute

Cardiovascular Systems Inc. (NASDAQ:CSII) and local rival ev3 Inc. have called a truce. CSI, based in St. Paul, Minnesota, said Tuesday it has settled an employment lawsuit with ev3, headquartered in Plymouth. The suit, filed by ev3 in 2007, accused CSI of poaching two unspecified employees.

By Thomas Lee on November 02, 2010

Cardiovascular Systems Inc. (NASDAQ:CSII) and local rival ev3 Inc. have called a truce.

CSI, based in St. Paul, Minnesota, said Tuesday it has settled an employment lawsuit with ev3, headquartered in Plymouth. The suit, filed by ev3 in 2007, accused CSI of poaching two unspecified employees.

According to the settlement, CSI will pay ev3, now a part of Covidien plc., $1 million, including an immediate $750,000 payment and a $250,000 promissory note due in January 2014. ev3 will pay CSI $500,000 in insurance costs.

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Neither company admitted liability or wrongdoing in the case.

“Reaching a settlement in this lawsuit is in the best interest of CSI,” CEO David L. Martin, said in a statement. “By resolving this issue, we can move forward and focus on our business and growth opportunities, without the distractions and expense of prolonged litigation.”

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