Advanced Bionics, the United States subsidiary of Swiss hearing aid maker Sonova, has signed settlement agreements covering the majority of liability claims related to defective ear implants.
The terms of the settlements reached on Monday were not disclosed.
Last year, Sonova increased its provisions for claims from CHF198 million ($219 million) to CHF250 million, affecting its results for the 2012-13 financial year.
The provisions cover the costs of existing and expected future claims, the company said at the time.
CEO Lukas Braunschweiler said on Monday fewer than ten cases remain pending and that the company should be able to handle the financial responsibilities easily. «We are well within the provision made,» he added.
The settlements resolve most of the current claims against Advanced Bionics, which voluntarily recalled a batch of its cochlear ear implants in 2006.
The settlement also includes the results of a trial which was completed earlier this year in Kentucky but was the subject of a post-trial motion and a potential appeal, it said.