Boston Scientific's J&J settlement cheers investors

February 19, 2015 2:36 AM

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Boston Scientific's J&J settlement cheers investors

Boston Scientific Corp., the global medical devicemaker that employs 5,000 people in the Twin Cities, pleased investors Tuesday by settling a potentially $7 billion lawsuit with its longtime adversary Johnson & Johnson for the relative bargain price of $600 million. The news sent Boston Scientific’s stock to one of its largest single-day gains in a decade.

Two clouds of litigation still hang over the company. One involves claims from about 20,000 women who say they were injured by a Boston Scientific pelvic mesh product, and the other centers on a demand for more than $1 billion in back taxes from the Internal Revenue Service dating back to 2001.

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