Retractable Technologies, Inc. Reports Final Judgment And Permanent Injunction In Patent Litigation Suit And Litigation Fee Arrangement
Retractable Technologies, Inc. (NYSE AMEX: RVP), a leading maker of
safety medical devices, reported it has received the Final Judgment and
Permanent Injunction and an Order in its patent litigation against
Retractable Technologies, Inc. (NYSE AMEX: RVP), a leading maker of safety medical devices, reported it has received the Final Judgment and Permanent Injunction and an Order in its patent litigation against Becton, Dickinson and Company (“BD”). The United States District Court for the Eastern District of Texas, Marshall Division entered judgment for the plaintiff, Retractable Technologies, Inc. (“RTI” or “Company”) and against the defendant, BD. The infringing products are BD’s 1mL and 3mL Integra syringes. The Court also entered judgment for RTI and against BD for BD’s counter claims for declaratory judgment of non-infringement, invalidity, and unenforceability. The Court also ordered that RTI shall recover from BD $5,000,000 with prejudgment interest from March 2002 through trial. The Court ordered a permanent injunction for the 1mL and 3mL Integra until the expiration of certain patents. However, the permanent injunction is stayed for the longer of the exhaustion of an appeal of this case or twelve months from the date of the Order, which is May 19, 2010. The Court retains jurisdiction to enforce any and all aspects of the Judgment and Permanent Injunction. Further the Court retains jurisdiction to award RTI amounts for supplemental damages, interest, costs, attorneys’ fees and such other relief as may be just and proper. The Final Judgment is appealable. RTI is also pleased to announce that we have reached an agreement with our counsel, Locke Lord Bissell & Liddell (“LLBL”), regarding future litigation expenditures that caps RTI’s litigation costs in exchange for a contingent fee interest. We believe this agreement serves both the short-term and long-term interests of the Company in that it greatly reduces the legal fee component of our General and administrative costs and impacts our cash flow in a positive manner as compared to previous years. This agreement helps ensure the long-term viability of the Company.