In Re Medtronic 2008 ERISA Litigation
August 2008 - - A class action filed in U.S. District Court for the District of Minnesota on behalf of participants and beneficiaries of the Medtronic, Inc. 401(k) Plans for violations of the federal pension law (ERISA) in connection with the loss of value in Medtronic stock acquired and held by present and former employees of Medtronic through the Plans. The goal of this litigation is to recover damages sustained by the participants and beneficiaries of the Plans.
The complaint alleges, among other things, that Medtronic failed to disclose that it was facing regulatory problems involving its Sprint Fidelis defibrillator lead, one of its most popular products, and that Medtronic's deficiencies in internal controls and failure to comply with FDA medical device regulations jeopardized the safety and efficacy of its Fidelis lead.