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Simmons Firm Announces Settlement of Contingent Fee Antitrust Lawsuit
Date:5/3/2010

EAST ALTON, Ill., May 3 /PRNewswire/ -- Simmons Browder Gianaris Angelides & Barnerd LLC of East Alton, Ill., today announced the resolution of their client Synergetics USA, Inc.'s (Nasdaq: SURG) antitrust lawsuit pending against Alcon Laboratories, Inc., and Alcon, Inc.  Synergetics announced on April 27, 2010, that it had entered into a Settlement and Licensing Agreement and a Supply Agreement with Alcon, pursuant to which all litigation between the companies would be settled and Alcon would receive a license to sell certain Synergetics-patented products.  Alcon will pay Synergetics $32 million in the arrangement. 

A team of lawyers from the Simmons firm represented Synergetics in the antitrust litigation. In a unique approach to commercial litigation, the firm took on the high-risk litigation under a contingency fee arrangement, whereby Synergetics would pay attorneys' fees only as a percentage of any recovery in the case.  Traditionally, commercial litigation is pursued by outside counsel paid at ever-increasing hourly rates.   

"High-end litigation, particularly in a field like antitrust, typically commands exorbitant hourly billing rates for lawyers," said Derek Brandt, the Simmons firm partner who spearheaded the firm's efforts in the case.  "Our willingness to take the case on a contingency basis meant that a relatively small company like Synergetics could pursue a high-stakes litigation against an infinitely larger competitor. We shared the risk with our client and reached a very gratifying result." 
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SOURCE Simmons Browder Gianaris Angelides & Barnerd LLC
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