Medtronic Says Federal Court Overturns Patent Ruling

A federal court overturned a jury decision and damages award against

Medtronic

(MDT) - Get Report

in a longstanding patent dispute with

Johnson & Johnson

(JNJ) - Get Report

over arterial stents.

Johnson & Johnson filed the suit against Arterial Vascular Engineering, a division that was later acquired by Medtronic, alleging it infringes on patents covering stainless steel stents that are used to hold open heart arteries after angioplasty.

The court ruled that Medtronic had not infringed on the so-called Palmaz-Schatz patents, and it also set aside the jury's December 2000 damage award of $271.1 million.

Shares of Medtronic closed at $45.21 Thursday before the news.