ArthroCare Corporation (“ArthroCare”) is pleased to have entered a Settlement Agreement and Release (the “Settlement Agreement”) with State Farm Mutual Automobile Insurance Company, State Farm Fire & Casualty Insurance Company and their affiliates (collectively, “State Farm”) regarding prior claims for reimbursement made to State Farm related to cases in which letters of protection were held by ArthroCare subsidiary DiscoCare, Inc. Pursuant to the Settlement Agreement, State Farm and ArthroCare have each released the other and the other’s subsidiaries and affiliates generally from any claims, demands, losses and liabilities occurring prior to the date of the Settlement Agreement, other than third party claims. In consideration of the mutual releases, and without admitting any liability or wrongdoing, ArthroCare has agreed to pay State Farm an aggregate of $2,500,000. In addition, ArthroCare has agreed that it will not seek payment from State Farm on any pending SpineWand® claims for which the SpineWand surgical device was provided in exchange for a letter of protection.
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