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DaVita Settles Lawsuit for $55 Million

NEW YORK ( TheStreet) -- DaVita Inc. (DVA - Get Report) announced Tuesday it has settled a lawsuit over its use of an anemia medication for $55 million.

Filed 10 years ago in a federal court in Texas, the lawsuit was based on one person's claim that the dialysis service provider overused Epogen, an anemia drug.

In a news release about the settlement, The Denver-based company said it and its physicians did nothing wrong and "stand by" their anemia management practices.

DaVita added that a government investigation into the Epogen-overuse claims hasn't yielded government intervention or claims.

The company also said the settlement contains no admissions of liability by the company or its affiliated physicians.

"Nonetheless, agreements such as this one are sometimes in the best interest of shareholders," DaVita said in a news release.

DaVita shares closed Tuesday up 9 cents at $97.71. U.S. stock markets were closed Wednesday in observance of the July Fourth holiday.

This article was written by a staff member of TheStreet.

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