Advanced Bionics to settle majority of current product liability claims

(PresseBox) ( Stäfa, )
Sonova Holding AG announces that its US subsidiary Advanced Bionics LLC has signed settlement agreements regarding the majority of current filed and unfiled product liability claims related to cochlear implant malfunctions, including the case of Sadler v. Advanced Bionics. The terms of the settlements are in line with the underlying assumptions of the provision for such product liability claims.

The settlements resolve the majority of the current "Vendor B"* claims against Advanced Bionics. The settled claims represent all product liability cases against Advanced Bionics handled by two U.S. law firms. The agreements include cases of minors which are subject to final court approval. They also include the case of Sadler v. Advanced Bionics, in which a trial was completed earlier this year in Kentucky but which was the subject of a pending post-trial motion and a potential appeal. The parties agreed to keep the settlement terms confidential. The terms of the settlements are in line with the underlying assumptions of the provision for such product liability claims, which covers the costs of existing and expected future claims. Sonova will continue to provide updates if and when required and relevant.

* Vendor B claims were brought by recipients of a cochlear implant affected by an issue related to the feedthrough assembly. This component was provided by one of two vendors (AstroSeal commonly referred to as 'Vendor B') and has not been used by the company since early 2006.

Disclaimer

This Media Release contains forward-looking statements, which offer no guarantee with regard to future performance. These statements are made on the basis of management’s views and assumptions regarding future events and business performance at the time the statements are made. They are subject to risks and uncertainties including, but not confined to, future global economic conditions, exchange rates, legal provisions, market conditions, activities by competitors and other factors outside Sonova’s control. Should one or more of these risks or uncertainties materialize or should underlying assumptions prove incorrect, actual outcomes may vary materially from those forecasted or expected. Each forward-looking statement speaks only as of the date of the particular statement, and Sonova undertakes no obligation to publicly update or revise any forward-looking statements, except as required by law.
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