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MURRAY HILL, N.J. - (Mealey's) C.R. Bard Inc. on Jan. 27 reported that it has taken a $51 million charge in connection with a preliminary agreement with the civil and criminal divisions of the U.S. Attorney's Office for the Northern District of Georgia to resolve an investigation into the medical device company's brachytherapy business.
(C.R. Bard Form 8-K. Document #28-120202-009X.)
In a Form 8-K report filed with the U.S. Securities and Exchange Commission, C.R. Bard said the settlement is subject to negotiation and execution of definitive agreements. It said final settlements will likely include a civil claims settlement, a nonprosecution agreement for criminal allegations and a corporate integrity agreement with the Office of Inspector General of the U.S. Department of Health and Human Services.
C.R. Bard previously told shareholders that in November 2006, it received a subpoena from Health and Human Services under the department's authority to investigate health care fraud and false claims. It said the subpoena was related to its brachytherapy business.
Brachytherapy is a form of radiation therapy. According to C.R. Bard's website, its brachytherapy products include radioactive seeds and devices to place seeds inside the body to treat prostate cancer and enlarged prostate glands in males.
In September, C.R. Bard said it was continuing to engage in discussions to resolve the investigation.
A spokesperson for the U.S. Attorney's Office for the Northern District of Georgia said the office had no comment on C.R. Bard's announcement. No civil or criminal cases against C.R. Bard are docketed in the Northern District.
C.R. Bard has been sued by plaintiffs for injuries allegedly caused by its Composix Kugel surgical mesh products, its Avaulta vaginal slings and its vena cava filters.
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