Sorin Group has concluded a full and final settlement of the US Department of Justice investigation into sales and marketing practices of its subsidiary, Ela Medical, and of former independent sales representatives.
Sorin Group will pay $10m (€7.2m) to the US Government and a provision for the amount had been booked in the 2009 financial accounts.
According to Sorin Group, the settlement will have no impact on either the company’s fourth quarter or its full year 2010 financial statements.
Sorin SpA CEO Andre-Michel Ballester said that as announced in March the comprehensive settlement avoids the uncertainty of protracted litigation and ensures focus on future plans for CRM in the US.
Ela Medical Cardiac Rhythm Management senior vice president for US Dan Hackman said that closure of the investigation places the legacy issue firmly behind them and clearly enhances their ability to execute plans for CRM in the US.
Sorin Group develops, manufactures and markets medical technologies for cardiac surgery and for the treatment of cardiac rhythm disorders.