St. Jude Medical, Inc. (NYSE:STJ), a global medical device company, today issued the following statement in connection with a settlement agreement reached with the U.S. Department of Justice (DOJ) regarding a previously disclosed July 2007 investigation in Ohio related to certain rebates:
We are pleased to have reached a settlement agreement with the DOJ that fully resolves our previously disclosed investigation in Ohio. Importantly, in connection with this settlement, St. Jude Medical does not admit liability or wrongdoing. The allegations centered on small, isolated product rebates that the company paid more than five years ago. The company entered into a settlement agreement in order to avoid the potential costs and risks associated with litigation.
The agreement brings full and final closure to the matter in Ohio.
As part of this settlement, the company will make a payment of $3,725,000 to the DOJ. St. Jude Medical affirms that the resolution of this matter has no material impact on the company's financial position or operations.