Centerpulse settles opt-outs
This article was originally published in The Gray Sheet
Executive Summary
Swiss company reaches settlements Nov. 6 with 16 individuals who opted out of a $725 mil. hip-and-knee class action settlement and had revision surgery. The firm must still resolve suits with 43 non-revision patients. On Nov. 4, Centerpulse transferred $725 mil. to a settlement trust in Cleveland, completing its obligations to class participants. Funds were raised through a capital increase via a tradeable preemptive rights offering, in addition to bank credit (1"The Gray Sheet" Sept. 23, 2002, p. 17)...