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RVP > SEC Filings for RVP > Form 8-K on 2-Oct-2013All Recent SEC Filings

Show all filings for RETRACTABLE TECHNOLOGIES INC | Request a Trial to NEW EDGAR Online Pro

Form 8-K for RETRACTABLE TECHNOLOGIES INC


2-Oct-2013

Other Events


Item 8.01 - Other Events.

On September 30, 2013, Retractable Technologies, Inc. (the "Company") received payment of $7,724,825.91 (the "Judgment Amount") from Becton Dickinson and Company ("BD") pursuant to a stipulation in the patent infringement case Retractable Technologies, Inc. and Thomas Shaw v. Becton Dickinson and Company, Civil Action No. 2:07-cv-250, in the U.S. District Court for the Eastern District of Texas, Marshall Division. The stipulation provides that if, as a result of BD's appeal of the District Court's denial of BD's Rule 60(B)(5) motion, it is judicially determined that BD owes an amount less than the Judgment Amount, BD shall be entitled to restitution by the Company of any excess payment, with interest. Otherwise, the payment of the Judgment Amount shall constitute satisfaction of the patent infringement judgment and BD shall owe no further money damages to the Company in the patent infringement case.

The Judgment Amount is related only to the patent infringement portion of the claims the Company filed against BD in 2007 alleging patent infringement and violations of the antitrust laws and Lanham Act. In 2008, the Court severed the patent claims from the other claims. On September 19, 2013, a verdict was entered confirming the Company's claims that BD illegally engaged in anticompetitive conduct with the intent to acquire or maintain monopoly power in the safety syringe market and engaged in false advertising under the Lanham Act. The jury awarded the Company $113,508,014 in damages for the antitrust claim (which is subject to being trebled pursuant to federal statute). A final judgment in this matter has not been entered by the Court, pending resolution of post-trial motions. The Court has set a hearing for post-trial motions on December 12, 2013. BD has stated that it plans to appeal the verdict.

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