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Advanced Bionics to settle majority of current 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.
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