Mass Torts Update - Written by Beasley Allen on Tuesday, January 17, 2012 13:40 - 0 Comments
Pfizer, Inc., the world’s largest drug maker, says that it has settled almost half of the lawsuits over its menopause drugs. Additionally, the company reported that it also has increased the funds set aside to resolve the rest of the cases. This comes from information in the company’s regulatory filing with the SEC. Pfizer and its Wyeth and Pharmacia & Upjohn units have settled about 46 percent of the lawsuits alleging that the companies’ hormone-replacement medicines, including Prempro and Premarin, caused breast cancer. Pfizer reported to the SEC that it added $68 million to the $772 million it had previously reserved for the cases. Pfizer officials said in the filing:
We have recorded a charge of $260 million in the first nine months of 2011 that provides for the minimum expected costs to resolve all the remaining hormone-replacement actions.
More than 6 million women took Prempro and related menopause drugs to treat symptoms including hot flashes and mood swings before a 2002 study highlighted their links to cancer. Wyeth’s sales of the medicines exceeded $2 billion before the release of the Women’s Health Initiative study referred to above, which was sponsored by the National Institutes of Health.
Until 1995, many menopausal women combined Wyeth’s Premarin, an estrogen-based drug, with progestin-laden Provera, made by Pfizer’s Upjohn unit, to relieve their symptoms. Wyeth combined the two hormones in its Prempro pill. Pfizer acquired Wyeth in 2009. The companies hid from both the medical community and the public the fact that the drugs were increasing the risk of breast cancer for women.
There have been more than 10,000 claims filed in courts against the companies alleging that their menopause drugs caused breast cancer. Those lawsuits included more than 8,000 cases consolidated in federal court in Arkansas, as well as suits filed in state courts in Pennsylvania, Nevada and Minnesota. In May, Pfizer disclosed the $772 million reserve, saying that it had resolved a third of the cases, which would be about 3,300. The November filing indicated that Pfizer has now settled almost 5,000 of the suits.
Wyeth and Upjohn have lost ten of the 18 Prempro cases decided by juries since 2006. They resolved some of those cases by way of settlements. Other decisions against them are still on appeal. As reported in this issue, a Philadelphia jury ordered the Pfizer units to pay $72.6 million in compensatory damages to three women who blamed the drugs for their breast cancers. Pfizer agreed to settle the case before jurors were asked to decide whether the company should face punitive damages. The amounts of the settlements are confidential.
While the $260 million reserved by Pfizer may seem large, it’s not nearly enough. The reserve won’t provide enough money to cover settlements of all of the remaining outstanding claims. If cases are allowed to go to trial and result in large verdicts for the Claimants, the reserved amount definitely won’t be enough. Based upon the size of the jury verdicts to date, and the fact that multiple appellate courts have now affirmed some of those verdicts, this new amount of money set aside by Pfizer is grossly insufficient to resolve all of the remaining claims. Nevertheless, we are moving forward on behalf of the hundreds of Claimants who have valid claims.
Source: Bloomberg News
Leave a Reply
- An Update on the Firm's Mass Torts Litigation
- Eight Car Makers Join in the Recall of Exploding Airbags
- The Deepwater Horizon Claims Program is Up and Running Again
- Favorite Bible Verses
- J&J Pays Oregon $4 Million To Settle Hip Implant Marketing Claims
- MF Global Officers’ Defense Cost Already At $48 Million
- GSK Fined Record $489 Million For Bribery In China
- Bank Of America’s Mortgage Backed Securities Settlement Is The Most Consumer Friendly Deal Struck Thus Far
- Alabama Supreme Court Affirms Class-Action Status For $3.2 Billion Investor Lawsuit Against CVS Caremark
- U.S. Senate Confirms Jill Pryor To 11th Circuit
- Alabama Campaigns Move Slowly Towards November
- The National Scene Begins To Generate Interest
- United Kingdom’s Government Backs BP
- U.S. Chamber Sides With Foreign Oil Company Over Its Own Members
- Halliburton Reaches Settlement On Claims
- A Confirmation Of Judge Barbier’s Ruling That BP Was Grossly Negligent
- I bought my f350 from our local ford 2 years ago it had 140000 on it in the firs...
- I have worked for dollar general for 14 1/2 years. sept 29th me and my whole cre...
- I had the same ignition problem where the car would not turn off on my 2007 HHR ...
- my recall was just preformed and power steering has gone out. are these two issu...
- I would like to know if I have A case that your firm would take on. I had severe...
- If possible, I would love to join the class action law suit.
We own a 2004 F 35...
- I am wondering about this lawsuit. What the outcome is....
- You can find more information about Lipitor and its connection to Type 2 diabete...
Recent Settlements - Feb 9, 2012 7:09 - 0 Comments
More In Recent Settlements
- A Further Update On The AWP Litigation
- Firm Reaches Settlement In Fort McClellan Radio Tower Collapse Case
- Firm Reaches Settlement In Sikorsky Helicopter Crash
- The Philadelphia Story
- St. Croix, Virgin Islands Settlement
Product Liability - Oct 2, 2014 13:14 - 0 Comments
More In Product Liability
- NHTSA Looking Into Ford Fiesta Door Latch Problems
- NHTSA Looks At Chrysler Minivan Stalling Issue
- NHTSA Puts Blame on GM For Hiding Ignition Switch Defect
- Aurora Shooting Victims Sue Ammunition E-Retailers
- Children’s Clothing Should Never Be Fire Traps
Recalls Update - Oct 2, 2014 9:39 - 0 Comments
More In Recalls Update
- FDA Tells Compounder To Recall Contaminated Goods Again
- More Than 200,000 Pairs Of Children’s Sunglasses Recalled
- Cabrinha Recalls Kiteboarding Control System Due To Risk Of Injury
- iDevices Recalls Temperature Probes Due To Ingestion Hazard
- AmTRAN Video Recalls To Repair 42-Inch JVC Flat Panel Televisions