WELCOME TO THE MINNEAPOLIS FIREFIGHTERS' RELIEF ASSOCIATION V. MEDTRONIC, INC. WEBSITE
On April 10th, 2015, the Net Settlement Fund was distributed to Class Members whose Claims were approved for payment by the Court and whose proportionate share of the funds available for distribution was $20 or greater as required by the Court-approved Plan of Allocation. Claimants who or which submitted valid approved Claims but whose proportionate share of the funds available for distribution was less than $20 were sent letters advising them that they would not be receiving a distribution.
If you receive a distribution check, please cash it promptly as it will become stale on the date set forth on the check.
IF YOU PURCHASED OR OTHERWISE ACQUIRED THE COMMON STOCK OF MEDTRONIC, INC. FROM NOVEMBER 20, 2006 THROUGH AND INCLUDING NOVEMBER 17, 2008, YOU MAY BE ELIGIBLE FOR A PAYMENT FROM THE SETTLEMENT IN A CLASS ACTION.
IMPORTANT DATES AND DEADLINES
| Submit a Proof of Claim and Release Form
|| Must be postmarked no later than December 11, 2012
| Request Exclusion from the Class
|| Must be received no later than October 18, 2012
| Object to the Settlement
|| Must be received no later than October 18, 2012
| The Court’s Settlement Hearing
|| November 8, 2012 at 9:45 a.m.
The Hearing was held and the Settlement was approved.
The following is a summary of information presented in more detail in the Notice Of Pendency Of Class Action And Proposed Settlement, Settlement Fairness Hearing, And Motion For Attorneys' Fees And Reimbursement Of Litigation Expenses (the "Notice"), that was mailed to potential Class Members that could be identified, and which you can access by clicking the box on the left. Since this is just a summary, you should read the full Notice for additional details.
Please read this information carefully. If you are a Class Member (as defined below), your legal rights will be affected by this Settlement and you may be eligible to participate in the Settlement which totals $85 million. Subject to certain exceptions described in ¶ 22 of the Notice, the Class includes:
All persons and entities who purchased or otherwise acquired Medtronic
common stock during the Class Period, and who were damaged thereby.
The Class Period is from November 20, 2006 through and including November 17, 2008.
Securities Brokers and other Nominees: Please see instructions on page 14 of the Notice.
THE COURT’S SETTLEMENT HEARING
The Court will hold a hearing on November 8, 2012, at 9:45 a.m., before the Honorable Paul A. Magnuson, at the Warren E. Burger Federal Building and United States Courthouse, 316 North Robert Street, St. Paul, MN, 55101. At this hearing, the Court will consider whether the proposed Settlement is fair, reasonable and adequate, and should be approved; whether the Settled Claims against Defendants and other Released Parties should be fully and finally dismissed with prejudice; and whether the proposed Plan of Allocation and the application for attorneys’ fees and reimbursement of Litigation Expenses should be approved.
Note: The Court may change the date or time of the Settlement Hearing without further notice. If you plan to attend the Settlement Hearing, you should check with Lead Counsel to be sure that the date and/or time has not changed.
WHAT IS THIS CASE ABOUT?
Lead Plaintiffs allege that Defendants violated the federal securities laws by making false and misleading statements to investors regarding one of Medtronic's medical products, the INFUSE® bone graft system, and concealed this alleged misconduct and the risks it posed to the Company and its shareholders.
The Defendants have expressly denied and continue to deny all assertions of wrongdoing or liability against them arising out of any of the conduct, statements, acts, or omissions alleged, or that could have been alleged, in the Action.
THE BENEFITS OF THE SETTLEMENT
Lead Plaintiffs have obtained the agreement of Defendants to pay $85 million in cash in exchange for the release of all claims based on the purchase or acquisition of Medtronic common stock during the Class Period that were or could have been asserted against Defendants in the Action. The $85,000,000 will be deposited into an interest-bearing escrow account for the benefit of the Class. The balance of these funds, after deduction of applicable Taxes, Notice and Administration Costs, and any attorneys’ fees and Litigation Expenses award by the Court will be distributed in accordance with a plan of allocation that is approved by the Court.
OPTIONS AVAILABLE TO CLASS MEMBERS
If you are a Class Member, you may:
FILE A PROOF OF CLAIM AND RELEASE FORM
To be eligible for a payment, you must send in a timely, valid and completed Proof of Claim and Release Form with all required supporting documents (DO NOT SEND ORIGINALS) to the Claims Administrator. You may download a Proof of Claim and Release Form at the link on the left. Please read the instructions carefully, fill out the Proof of Claim and Release Form, include all the documents the form asks for, sign it, and mail it to the Claims Administrator by first class mail, postmarked no later than December 11, 2012.
EXCLUDE YOURSELF FROM THE CLASS
If you want to keep any right you may have to sue or continue to sue any of the Defendants or the other Released Parties concerning the Settled Claims, you must request to be excluded from the Class. If you exclude yourself, you will not be be eligible to get any payment from the Settlement Fund. To exclude yourself from the Class, you must send a signed letter stating that you "request exclusion from the Class in Minneapolis Firefighters’ Relief Association v. Medtronic, Inc., Civil No. 08-6324 (PAM/AJB)". In order to be a valid request for inclusion, your letter must include all the information specified in Paragraph 71 of the Notice and it must be received no later than October 18, 2012 by the Claims Administrator. You cannot exclude yourself from the Class by telephone or e-mail and your exclusion request must comply with these requirements in order to be valid.
PLEASE NOTE: If you exclude yourself from the Class, you cannot participate in the Settlement.
OBJECT TO THE SETTLEMENT
If you are a Class Member and do not exclude yourself, you can object to the proposed Settlement, the proposed Plan of Allocation, and/or Lead Counsel’s motion for an award of attorneys’ fees and reimbursement of Litigation Expenses.
To object, you must send a signed letter that includes all the information specified in Paragraph 78 of the Notice. All objections must be filed with the Court and mailed to all Counsel at the addresses listed on page 13, Paragraph 77 of the Notice so that they are received no later than October 18, 2012.
Further information regarding the Settlement, the Notice and how to file your claim may be obtained by contacting the Claims Administrator or through reading the Notice and Proof of Claim and Release Form that can be accessed through the links on the left.