Luna, Hansen discuss possible settlement
- September 22, 2009
Roanoke-based Luna Innovations Inc. and California-based Hansen Medical Inc. are discussing ways to settle a dispute that has landed Luna in bankruptcy court.
In April, a California jury ordered Luna to pay Hansen $36.3 million in damages for breach of contract and misappropriation of trade secrets. Luna filed for Chapter 11 bankruptcy protection in June and has asked Judge William Stone to lower the award to $1.3 million.
In letters to Stone on Wednesday and Friday, lawyers for Luna and Hansen asked the judge to delay release of his decision while the parties discuss a settlement. Friday’s letter describes the discussion as “substantive.”
Stone has urged the companies to settle. In a letter to the lawyers on Sept. 14, Stone noted that he had expressed “a preliminary impression that at least the $26 million lost profit portion of the verdict would not ultimately prevail.” The judge added, however, that the letter should not be taken as indication of how he would rule.