NuVasive(R) Announces Release of $62.5M From Escrow Following Appeals Court Victory
NuVasive (NASDAQ: NUVA), a medical device company focused on developing minimally disruptive surgical products and procedures for the spine, announced today the release of $62.5 million from a restricted escrow account in relation to NuVasive's trademark dispute regarding the NeuroVision® trade name.
In January 2011, an unfavorable judgment in the amount of $60 million plus attorney fees and costs was entered against NuVasive relating to its use of the NeuroVision trade name. NuVasive subsequently entered into an escrow arrangement and transferred $62.5 million into a restricted escrow account to secure the judgment. As previously announced, the Ninth Circuit Court of Appeals recently ruled in NuVasive's favor by reversing and vacating the judgment that had been issued against it. In addition, the Court of Appeals reversed and vacated the injunction and the award of attorney fees and costs that had been entered against NuVasive.
In reversing the judgment against NuVasive, the Ninth Circuit Court of Appeals remanded the case for a new trial and instructed the court to assign a different judge. The plaintiff has not appealed the Court of Appeals' ruling and NuVasive has now secured the release of the $62.5 million from the restricted escrow account.
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