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news.Paradigm Medical Industries has settled the last of its currently active lawsuits against the company. The company has disclosed that it has reached an out-of-court settlement with Larry Hicks, a former consultant. The terms of the settlement have not been disclosed.
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In 2006, Paradigm Medical resolved two suits filed by former employees via summary judgments in favor of the company. Paradigm Medical has resolved several class-action suits out of court in 2005. All of these lawsuits, including Hicks and the class action suits, were filed in 2003.
Raymond Cannefax, Paradigm Medical’s CEO, said: “We can now fully concentrate on our core business of developing, manufacturing and marketing of diagnostic glaucoma equipment that we provide to the ophthalmic industry. Management has spent substantial time defending the company in these suits. We can now have full focus in implementing our strategies and business plan.”