The medical device company ev3 Inc. (now a subsidiary of Covidien plc) managed this week to shake off a $250 million verdict that it broke promises to shareholders of a company it acquired a dozen years ago. The ruling is a victory for ev3′s appellate lawyers at Gibson, Dunn & Crutcher, who said it will help shield Delaware companies from attacks over deal terms that were never made final.
In a ruling issued on Tuesday, the Delaware Supreme Court said that ev3 is entitled to a new trial on claims that it breached contractual obligations to former shareholders of Appriva Medical Inc. The court ruled that shareholders were improperly allowed to argue that ev3 was bound by its assurances in a “letter of intent” regarding the deal.
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