3M to pay $1.3 million to British firm

The Porton Group and its partners filed a lawsuit claiming the Maplewood company failed to deliver on a promise to market a diagnostic test for hospitals. 3M made a multimillion-dollar deal to acquire the test in 2007, but much of the payout was tied to future sales. A year later, 3M had dropped the product, BacLite. The investment fund had sought $40 million in the suit. Both sides have claimed a victory in the case.

Author:: BMTN Staff
Publish date:: Nov 7, 2011

The Porton Group and its partners filed a lawsuit claiming the Maplewood company failed to deliver on a promise to market a diagnostic test for hospitals. 3M made a multimillion-dollar deal to acquire the test in 2007, but much of the payout was tied to future sales. A year later, 3M had dropped the product, BacLite. The investment fund had sought $40 million in the suit. Both sides have claimed a victory in the case.

DONTCHA KNOW?

BMTN Newsletters Deliver The Biggest MN Stories

Get Our Newsletter

flickr-electric-fetus-storefront

Music and Radio

The historic music venues are among the best in the country.

NEW ambulance USE THIS ONE

The cause of the accident isn't clear yet.

shakopee amazon rally

They're demanding better working conditions from the retailer

Screen Shot 2018-12-15 at 8.43.04 AM

The car hit a power box and burst into flames.

Garth Brooks

Music and Radio

The country star's May 4 show sold out in under an hour.

air-pollution

This is nuts!

Sarah Papenheim

The 21 year old was found dead in her apartment on Wednesday.

NDSU Easton Stick

Head coach Chris Klieman will coach one final game at NDSU.

iSTOCK FIRE OK TO REUSE iStock_000018872028_Medium

The fatal blaze happened in Rice, Minnesota Friday morning.

Screen Shot 2018-12-14 at 4.48.10 PM

Madison Bromen hadn't returned home from school on Thursday.

photo-001

It has more than 3,000 square feet and is available for $875,000.

Screen Shot 2018-12-14 at 2.20.35 PM

The duo stole a red kettle from Cub Foods in Blaine.

A 3M executive says the $50 million investment is part of a "five-year strategy for China to increase annual sales 15 to 20 percent." The Maplewood-based manufacturer plans to develop new technology and products for the China market -- 3M's biggest overseas market.

The 3M Co. is suing one of its former law firms for switching sides – to aid in a suit against 3M that claims the company damaged the environment. The company is citing "betrayal" motivated by "greed" of the national firm Covington & Burling LLP, which is now helping the Minnesota attorney general in a suit against 3M.

Maplewood-based 3M Co. has agreed to pay $110 million in cash to buy Federal Signal Technologies Group, which focuses on electronic toll collection and parking management software services.

After 10 years at Maplewood-based 3M, Mauro Porcini will now focus on expanding Pepsi's 12 biggest brands, Fast Company reports. At 3M, Porcini had a role in designing office supplies, health care products and built a sought-after design team. Porcini joins PepsiCo on July 2.

The Pioneer Press reports the departing CEO is joining Arle Capital LLP in his native Great Britain.

The law firm handling a Minnesota suit against 3M has been ordered off the case because of a conflict of interest. The firm has previously represented 3M. The judge's ruling is a blow to the state's case involving chemicals formerly made by 3M that turned up in rivers, lakes, and groundwater.

Both 3M and Cogent deny any wrong doing, but have agreed to pay $1.9 million to shareholders and their attorneys. Bloomberg reports the investors claim Cogent CEO Ming Hsieh favored 3M to collect a retention bonus. The Maplewood-based company paid about $943 million in 2010 for Cogent.

The Gopher 5 ticket matching all five numbers was sold Friday. A lottery spokeswoman told the Associated Press this is the second million-dollar ticket sold in the past two months.