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:5/24/2016)... , May 24, 2016  NxStage Medical, Inc. (Nasdaq: ... focused on advancing renal care, today announced that ... participate in the following schedule of investor conferences. Where ... available at http://ir.nxstage.com/ .   ... Healthcare Conference NY, NY           Friday, June 10, 2016 ...
(Date:5/24/2016)... -- The innovator of COMBO ... s first dual therapy stent, introduces catheters for lower ... a global company specializing in the provision of life-changing ... to treat peripheral artery disease. The JADE™ and Scoreflex™ ... lower limb and arteriovenous (AV) fistula intervention. ...
(Date:5/24/2016)... England , May 24, 2016 ... and Education in Clinical Neurophysiology  Elsevier ... information products and services, today announced the launch of ... an open access journal that focuses on clinical practice ... research, case reports, clinical series, normal values and didactic ...
Breaking Medicine Technology:
(Date:5/28/2016)... ... 28, 2016 , ... "Color Grading media can be time consuming but with ... media," said Christina Austin - CEO of Pixel Film Studios. , With the ... stylish color grades to their footage. A LUT is a Lookup Table that contains ...
(Date:5/27/2016)... ... ... Southland Log Homes , designer and manufacturer of America’s Favorite Log Home™, ... found on its website at SouthlandLogHomes.com. , The designs of the wood barn ... of timber post and beam construction. The result is a barn that not ...
(Date:5/27/2016)... ... 27, 2016 , ... This campaign aims to provide a path to improved ... can control and change. , As nearly 795,000 Americans suffering from a new or ... States. Plus, with an estimated 129,000 of these people dying from stroke, it’s become ...
(Date:5/27/2016)... ... 2016 , ... Aimed at nurses and employees in the health care world, ... in the nursing and health care industry. It also provides insight to the developing ... , As the nursing industry is coming out of one of the biggest ...
(Date:5/26/2016)... ... 2016 , ... W.S. Badger Co. Inc ., the maker of certified ... Work Works Award for its use of effective workplace strategies to increase business and ... administered by the Families and Work Institute (FWI) and the Society for Human Resource ...
Breaking Medicine News(10 mins):