A federal district court jury in Memphis, Tenn., on Tuesday awarded $400 million in punitive damages to a physician-businessman who alleged that
breached certain spinal surgery technology agreements.
The verdict in favor of Gary K. Michelson and his company,
, comes on top of a $110 million judgment the jury presented in late September.
Calling the punitive damages award "unjustified and excessive," Medtronic said Tuesday that it will pursue "all appropriate post-trial remedies," including appealing the verdict.
Michelson's dispute involves agreements with Medtronic's Sofamor Danek subsidiary. The jury ruled that some of Medtronic's products violated Michelson's patents. Medtronic noted that despite the jury's verdicts, the agreements between Michelson and the Sofamor Danek subsidiary remain in effect. Sofamor Danek specializes in developing spinal surgery products.
In late afternoon trading, Medtronic's stock was down 10 cents to $21.13.