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Medtronic Paying $85M To End Shareholder Lawsuit

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(credit: Medtronic)

(credit: Medtronic)

CBS Minnesota (con't)

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MINNEAPOLIS (AP) — Medical device maker Medtronic Inc. has agreed to pay $85 million to resolve a federal class action lawsuit brought by a group of shareholders.

The lawsuit sought damages for misrepresentation and omissions by Medtronic before November 2008. It was filed in December 2008 by the Minneapolis Firefighters Relief Association.

Medtronic said Friday that it did not make any misrepresentation and did nothing wrong.

Medtronic shares lost 2 cents to $39.19 Friday, and the stock picked up 3 cents to $39.22 in after-hours trading.

(© Copyright 2012 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

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