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Name | Symbol | Market | Type |
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Hsbc Bk.22 | LSE:49IA | London | Medium Term Loan |
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RNS No 6970w PACIFIC DUNLOP LIMITED 23rd July 1998 INTERIM SETTLEMENT IN US ACCUFIX LITIGATION Pacific Dunlop Limited today announced that the US District Court in Cincinnati has given interim approval to a proposed settlement by its subsidiary Accufix Research Institute Inc (ARI) and the other defendants, including Pacific Dunlop, to resolve all current and future litigation in the US arising out of the Accufix Atrial J Pacemaker Lead formerly manufactured by ARI. The settlement provides for the payment by ARI of US$47.3 million (A$77.2 million) and Pacific Dunlop US$10 million (A$16.3 million) to a special Patient Benefit Fund to be established as part of the settlement agreement. The purpose of the Patient Benefit Fund is to satisfy present and future damages claims made by persons implanted with the Accufix Pacemaker Lead and their families, and to meet all future unreimbursed US medical costs and patient monitoring payments related to the Accufix Pacemaker Lead. The Fund will be administered by a Master appointed by the Court. The Court decision halts 494 pending US lawsuits. It follows an earlier settlement by the insurers of all outstanding Accufix litigation in Canada in October, 1997, and the preliminary settlement announced last month of all claims of Australian patients whose Accufix Pacemaker leads had been or will be explanted. The settlement is subject to a formal review as to its fairness by the US District Court in Cincinnati on November 19, 1998. Approval at this hearing, subject to appeal, would make the settlement binding on all Accufix patients in the US, including persons claiming through them, and will ensure that no further lawsuits relating to the Accufix Pacing Lead can be brought in the future. Welcoming the settlement, the Managing Director of Pacific Dunlop, Mr Rod Chadwick, said: "We are pleased that this protracted and unfortunate experience now appears to be behind us, and that it has been reached without any admission of liability. "The settlement is a sensible outcome for all concerned. Once confirmed, the settlement will remove a major distraction for management as well as the prospect of drawn-out, expensive Court proceedings for all those involved. Most importantly, the settlement will provide certainty and comfort for the patients and their families, which has always been a prime concern of ARI." In addition to the establishment of the Patient Benefit Fund, the settlement provides that the ARI's remaining cash will be applied to three further funds which: - Allow ARI and the other defendants to utilise up to US$4 million (A$6.5 million) in a Reserve Fund to recoup any costs of enforcing the settlement against plaintiffs and their attorneys who attempt to continue to litigate. - Allow ARI to retain US$6.7 million (A$11.1 million) in a special Litigation Fund to meet future non-Accufix product liability or other claims that may be made upon it. - Allow ARI to utilise the remainder of its available funds of approximately US$20.5 million (A$33.5 million) for its continuing operation including clinical studies, patient management recommendations and compliance with regulatory authorities worldwide. ARI will deposit these funds in a separate Court-administered Operating Fund. Any surplus from the Litigation Fund and the Operating Fund will be either added to the Patient Benefit Fund or distributed to charity at the discretion of the Court Master in the event ARI is liquidated. Any surplus from the Reserve Fund will be added to the Patient Benefit Fund three years after the final formal approval to the settlement is granted by the US District Court. In summary, the settlement provides for payments of no more than A$144.6 million. Further, an additional A$23.4 million will be provided to enable various members of the Group to meet future commitments of the former Telectronics business not related to this settlement. Provisions of A$100.0 million already exist within ARI and other Group companies. As a result, a further amount of A$68 million after tax must be provided and this will be recorded in the 1998 Group financial accounts as an abnormal charge. Non-US Lawsuits Settlement of the US litigation (following previous settlements by the insurers in Canada and Australia) leaves a total of 13 individual lawsuits pending in four countries and comprises one class action on behalf of persons with working leads in Australia and 12 individual actions (five in England, three in France and Germany and one in Turkey). For further information: John Hine General Manager Corporate Affairs Pacific Dunlop Limited 61 3 9270 7140 0412 254 952 END MSCAOARKWWKBURR
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