GAINESVILLE, Fla. (WCJB) - A Gainesville-based biotech company is paying $8 million to settle federal claims it violated the False Claims Act.

A US attorney in Maryland says Exactech submitted false claims to Medicaid and Medicare for defective knee replacement devices.

Exactech officials are accused of knowing their components failed prematurely at a higher-than-acceptable rate.

Exactech, which is in bankruptcy proceedings, also faces lawsuits from patients who had the device implanted.

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