1800Contacts and Vistakon Settlement
Didn't know if anyone had seen today's issue of V-Mail. This is one item I found interesting:
1-800 CONTACTS, Lens Express Seek Standing in Vistakon Settlement
JACKSONVILLE, Fla.--Mail-order contact-lens retailers 1-800 CONTACTS
(NASDAQ: CTAC) and Lens Express have filed motions to intervene in federal
court here, seeking a chance to be heard in an upcoming hearing on the
settlement reached in the class-action suit filed by 32 state attorneys
general against Johnson & Johnson’s (NYSE: JNJ) Vistakon division. In
their motions--filed July 18 and July 23, respectively--the two mail-order
firms are seeking a chance to be treated as interested parties with a
right to agree or disagree with the settlement terms by the time of a
hearing scheduled for September 7, at which the judge in the case will
make a final determination on the settlement reached in May.
Shortly before filing its motion, 1-800 CONTACTS said Vistakon’s
interpretation of the settlement agreements and its subsequent actions in
restricting supply of its contact lenses have made those products more
difficult to obtain, which will reduce 1-800 CONTACTS’ expected
third-quarter revenues and gross margins.
J&J told VM in a statement, "We believe in the terms of the settlement
that was signed by all of the parties involved and preliminarily approved
by the court, and we intend to abide by the letter and spirit of that
agreement. Under the terms of the settlement, we will sell to alternative
distribution channels who sell contact lenses based upon a valid
prescription in compliance with all federal and state laws, and who don’t
sell our diagnostics, for a five-year period starting once the settlement
becomes final. The settlement agreement is not yet final."
Not too long ago I recieved a request from 1-800 Contacts or similar concern, requesting contact lens specifications, a few hours later I recieved a "Final Notice" from same. This included a copy of the Texas decision that "requires" release. This stated amoung other things that all Optometrists, Ophthalmologists, and Theraputic Optometrists (Whatever that is) are required to give such information. I replied that as I read this, I was none of the above and not in any event subject to the laws of the State of Texas.
I am an independent Optician/Contact Lens Technician/Ocularist so we are not named in the decision.
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