CSI to settle ev3 suit for $1M

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Cardiovascular Systems (CSI) will pay ev3, now part of Covidien, $1 million to settle 2007 litigation surrounding employees who joined CSI from ev3.

Under the terms of the agreement, CSI will pay ev3 the settlement by Jan.1, 2014, in the form of $750,000 cash and a $250,000 promissory note. Additionally, the St. Paul, Minn.-based CSI will receive insurance proceeds of $500,000 related to the settlement.

While neither party admitted wrongdoing, CSI President and CEO David L. Martin said, “By resolving this issue, we can move forward and focus on our business and growth opportunities, without the distractions and expense of prolonged litigation.”