Orthofix v. Biomet
This article was originally published in The Gray Sheet
Executive Summary
Punitive damages related to breach of contract case filed by Orthofix in 1995 are reduced from $50 mil. to $1 mil. by the U.S. Court of Appeals for the Third Circuit, Biomet reports. However, the court upholds the original compensatory damages of $49 mil. related to the breach of contract suit found in favor of Orthofix in 1997 (1"The Gray Sheet" June 9, 1997, I&W-5). As a result, Biomet will record a $49.9 mil. charge plus interest against pre-tax earnings for the quarter ended May 31. Biomet also says that it is still "considering further legal challenges" in the case