ZURICH, Sept 4 (Reuters) - Swiss dental implant maker Nobel Biocare NOBN.VX has settled an unfair competition lawsuit against U.S. competitor Keystone Dental and will get $2 million as well as certain guarantees regarding proprietary material.
“The settlement terms provide for Keystone Dental to pay $2 million to Nobel Biocare and that Keystone Dental not hire or solicit any current Nobel Biocare employee through February 1, 2009,” the world’s largest maker of dental implants said in a statement.
Nobel Biocare filed a lawsuit in late 2007, saying Keystone Dental systematically targeted and hired Nobel Biocare’s sales and marketing employees to gain an unfair competitive advantage.
Under the settlement, Keystone Dental, funded by private equity firm Warburg Pincus, is required to destroy confidential and proprietary information on Nobel Biocare in its or its employees’ possession, Nobel said.
Nobel Biocare’s sales growth in the U.S., its largest market by revenue, has been weak over the last year as consumers reined in spending on its costly treatments. (Reporting by Sven Egenter, editing by Will Waterman)