AngioDynamics Awarded $16.5M Judgment
AngioDynamics (NASDAQ: ANGO) today announced a recent court action in its legal case against biolitec Inc.
On September 28, 2012, the U.S. District Court for the Northern District of New York entered a judgment awarding AngioDynamics $16.5 million in partial damages as a result of biolitec's breach of a binding agreement.
The Court's ruling stems from legal action initiated by AngioDynamics in January 2008 seeking to enforce the defense and indemnification provisions of its April 1, 2002, Supply and Distribution Agreement with biolitec. The Agreement obligated biolitec to defend and indemnify AngioDynamics against patent infringement claims by third parties arising out of the use of laser vein ablation products supplied by biolitec. The Court's order affirms biolitec should have defended and indemnified AngioDynamics against claims asserted by Diomed and VNUS Medical Technologies, but did not. The Court's partial judgment awards AngioDynamics the costs of its $7 million settlement with Diomed in April 2008, $6.8 million settlement with VNUS Medical Technologies in June 2008 and legal fees associated with the two cases. The Court also denied biolitec's