Navigation Links
Assegai Wins Big Settlement Against ABBOTT's Subsidiary
Date:5/10/2010

BEIJING, May 10 /PRNewswire-Asia/ -- On April 11, 2010, after a nearly two-year trial, the ten arbitration cases with Beijing Un-Assegai Technical & Trade Co. Ltd. (hereinafter referred to as "Assegai"), a leading distributor of clinical diagnostic products in China, as claimant and U.S. Abbott Laboratories (Abbott U.S.; NYSE: ABT) as respondent have been decided by the China International Economic and Trade Arbitration Commission (CIETAC), which has recently rendered the arbitral awards thereof. The advanced arbitral awards made by three different arbitral tribunals held that Abbott U.S. broke and violated the contracts with Assegai and thereby awarded Assegai a nearly one million U.S. dollar settlement.

According to the arbitral awards, Assegai was the largest distributor of Abbott medical diagnostic products in the North China area, on the basis of the cooperation between Assegai and Abbott U.S. that started in 1999 soon after Abbott U.S.'s entrance into the Chinese market. However, in November 2007, in the 9th successive year of this cooperation, Abbott U.S. cut off the supply of reagents to Assegai without any justification, regardless of the fact that Assegai had just purchased some very costly equipment from Abbott U.S.

Mr. Yongfeng Cao, president of Assegai, commented: "We made a notable contribution in helping Abbott's products to become the first-line products in the Chinese market; in return, however, Abbott U.S. took advantage of its market dominance and deprived us of our right to supply reagents to our customers. By doing this, Abbott U.S. violated our right to property ownership and use, which led to losses of roughly 20 million U.S. dollars. Fortunately, we are gratified that the arbitral tribunals have ruled in our favor, which gives us the opportunity to recover all our economic losses. Against the backdrop all other international clinical diagnostic producers' focus on the Chinese market and sincere wishes for long-term cooperation with China, Abbott U.S.'s behavior shocked all key industry players in China. Next, Assegai will continue in our quest through another one hundred arbitration cases or civil actions that have been filed against Abbott U.S. at CIETAC or local Chinese courts, as we seek further compensation for those estimated losses amounting to 20 million U.S. dollars."


'/>"/>
SOURCE Beijing Un-Assegai Technical & Trade Co. Ltd.
Copyright©2010 PR Newswire.
All rights reserved

Related medicine technology :

1. Arizona Heart Hospital Reaches Settlement Regarding Clinical Research Matter
2. Rendell Administration Announces Health Research Grants From Tobacco Settlement Funds
3. Mylan Announces Settlement Agreement Related to Antidepressant Effexor XR(R)
4. Boston Scientific and Johnson & Johnson Announce Settlement of Patent Disputes
5. Faced With Federal Prosecution, MountainView Agrees to Stop Harassment of RNs in Settlement With Labor Board
6. Relators Attorneys Comment On AtriCure/DOJ Proposed Settlement
7. Sequenom Announces Settlement Agreement In Shareholder Class Action Lawsuit
8. Boston Scientific Announces Settlement of DOJ Investigation Relating to Post-Market Surveys Conducted By Guidant
9. LifeVantage Announces Settlement of Zrii Litigation
10. U.S. Court of Appeals Upholds AstraZeneca AWP Settlement
11. Patheon and JLL Partners Announce Litigation Settlement
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:10/10/2017)... Pa. , Oct. 10, 2017   West ... in innovative solutions for injectable drug administration, today shared ... West,s ID Adapter for improving the intradermal administration of ... Fourth Skin Vaccination Summit in May 2017 by Dr. ... Lead, Polio Department, World Health Organization (WHO), and recently ...
(Date:10/4/2017)... , Oct. 4, 2017 ... single-use, self-contained, illuminating medical devices, today announced regulatory ... Health Surveillance Agency (or Agência Nacional de Vigilância ... first single-use, cordless surgical retractor with integrated LED ... optimal access, illumination and exposure of a tissue ...
(Date:10/2/2017)... , Oct. 2, 2017 The Rebound mobile ... the struggle to reverse the tide of prescription drug addiction. ... regulating their medicine intake and stepping down their dosage in ... to launch in December 2017; the first 100,000 people to ... more at http://www.rebound-solution.com/ ...
Breaking Medicine Technology:
(Date:10/13/2017)... ... October 13, 2017 , ... ... alumni Hannah Randall, PharmD ‘17, and Jennifer Huggins, PharmD ’17, along with ... for the primary prevention of cardiovascular diseases during the 15th Annual Women’s ...
(Date:10/13/2017)... York, NY (PRWEB) , ... October 13, 2017 , ... ... influential people in business to advocate for action towards gender equality at their inaugural ... views from around the globe, and reached a social audience of over 3 million. ...
(Date:10/13/2017)... , ... October 13, 2017 , ... “The Journey: From ... every danger possible to save lost souls in the Philippines. “The Journey: From the ... is a dedicated teacher of the Bible. She has taught all ages and currently ...
(Date:10/12/2017)... ... October 12, 2017 , ... The company has developed a ... and regulatory authorities worldwide. From Children’s to Adults 50+, every formula has been ... standard. , These products are also: Gluten Free, Non-GMO, Vegan, Soy Free, ...
(Date:10/12/2017)... ... October 12, 2017 , ... Dr. Parsa Mohebi, the ... medical article to the newly revamped Cosmetic Town journal section, featuring ... transplant procedure known as Follicular Unit Extraction (FUE). , Dr. Mohebi ...
Breaking Medicine News(10 mins):