Summary
This 8-K filing from Tyco International Ltd. (though filed by Johnson Controls International plc as registrant, this appears to be an error in the provided text and the content clearly relates to Tyco) on March 24, 2006, provides an update on the ongoing Masimo Corporation v. Tyco Healthcare Group LP and Mallinckrodt, Inc. lawsuit. The key development is the district court's post-trial ruling which vacated the jury's initial $140 million damages award (automatically trebled to $420 million) on antitrust violations. The court affirmed liability on some business practices but ordered a new trial specifically on the issue of damages.
Key Highlights
- 1The district court has vacated the jury's initial damages award of $420 million (trebled from $140 million) in the Masimo v. Tyco Healthcare lawsuit.
- 2Liability findings on two of Masimo's alleged business practices were affirmed by the court.
- 3The jury's liability findings on two other business practices were vacated by the court.
- 4A new trial has been ordered by the district court, solely for the determination of damages.
- 5No provision for the original damages award has been made in Tyco's consolidated financial statements.
- 6The date of the earliest event reported is March 22, 2006, relating to the court's Memorandum of Decision.
- 7The lawsuit concerns allegations of antitrust violations in the pulse oximetry products market.