Boston Scientific Corp should pay Johnson & Johnson $7.23 billion in damages and interest for breach of contract, nearly nine years after Boston Scientific won a controversial bidding war for device maker Guidant, lawyers for J&J told a U.S. federal judge on Thursday. "To be blunt about it, Guidant cheated - and then it lied to Johnson & Johnson so Johnson & Johnson would not discover what Guidant had done," attorney Harold Weinberger said at the start of a non-jury trial in Manhattan federal court.But lawyers for Boston Scientific, which acquired Guidant in early 2006 for $27 billion and assumed its potential liability, said Guidant did nothing wrong and had relied on the advice of its attorneys."They did not believe they were acting improperly," said lawyer William Ohlemeyer.The trial is expected to continue into December.
Boston Scientific Corporation is a developer, manufacturer and marketer of medical devices that are used in a range of interventional medical specialties. Shares of BSX fell by 4.31% or $-0.59/share to $13.09. In the past year, the shares have traded as low as $11.10 and as high as $14.08. On average, 13198300 shares of BSX exchange hands on a given day and today's volume is recorded at 21932868.
Johnson & Johnson is a holding company engaged in the research and development, manufacture and sale of a broad range of products in the health care field. Shares of JNJ fell by 0.06% or $-0.07/share to $108.76. In the past year, the shares have traded as low as $86.09 and as high as $109.49. On average, 7442190 shares of JNJ exchange hands on a given day and today's volume is recorded at 5217829.
Source
