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Monday, October 27, 2008

Pfizer: $900M To Settle Bextra and Celebrex Law Suits

The drugmaker reached agreements in principle to resolve “substantially all” of the personal injury cases, consumer fraud cases and state attorneys general claims involving its two Cox-2 inhibitor painkillers. Bextra was withdrawn three years ago, while Celebrex remains available. Here’s the breakdown: $745 million applicable to personal injury claims, $60 million for state attorneys general settlements and $89 million to resolve consumer fraud class action claims. Total: $894 million. Pfizer maintains the deals will tackle more than 90 percent of the known personal injury claims alleging the painkillers caused a heart attack, stroke or other injury. The settlement also covers third-party payor class action consumer fraud cases in which plaintiffs alleged economic loss related to the promotion of the meds.
Read article at pharmalot.com