Rochester Medical Corporation Announces Settlement Agreement With C.R. Bard, Inc.
STEWARTVILLE, Minnesota, December 14 /PRNewswire/ --
Rochester Medical Corporation (Nasdaq: ROCM) today announced that C.R. Bard, Inc. and
the Company have reached a Settlement Agreement under which the Company will dismiss C.R.
Bard, Inc. from litigation which Rochester Medical filed on March 16, 2004 against C.R.
Bard, Inc.; TYCO International (US) Inc.; TYCO Healthcare Group, L.P.; Novation, LLC; VHA
Inc.; and Premier Purchasing Partners L.P. (Premier).
Under the Settlement Agreement, Rochester Medical, represented by The Lanier Law Firm
P.C. and Patton, Tidwell, & Schroeder, L.L.P., is dismissing C.R. Bard, Inc. from the
litigation with prejudice, and C.R. Bard, Inc. is paying Rochester Medical a total of
US$49,000,000 out of which Rochester Medical will pay its attorney's fees. The impact of
the settlement will be reflected in the current quarter's financials. On November 20,
2006 Rochester Medical announced a Settlement Agreement on the case with Premier. The
litigation continues against the other defendants in the case. It is scheduled for trial
in May 2007.
Rochester Medical Corporation develops, manufactures, and markets disposable medical
catheters and devices for urological and continence care applications. The Company
markets under its own Rochester Medical(R) brand and under existing private label
arrangements.
For further information, please contact Anthony J. Conway, President and Chief
Executive Officer of Rochester Medical Corporation at (507) 533-9600. More information
about Rochester Medical is available on its website at www.rocm.com .
Web site: www.rocm.com
Contact:
Anthony J. Conway, President and Chief Executive Officer of Rochester Medical Corporation,
+1-507-533-9600