Medtronic settling with $85 million to end shareholder lawsuit

Medtronic agreed Friday to pay $85 million to resolve a federal class action lawsuit, brought on by alleged misled investors.

According to the Star Tribune, Medtronic denied in a statement "that it made any misrepresentations or omissions or that it otherwise engaged in any wrongdoing."

It is also reported that the lawsuit was originally filed December of 2008, alleging the company misled investors about the profitability of its infuse bone-growth device.

Post Bulletin.com reported the Minneapolis Firefighters Relief Association filed the original class action that claimant Medtronic's actions inflated the company's stock price, and when revealed, the stock fell.