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
- Testosterone Multidistrict Litigation Has Been Formed
- Favorite Bible Verses
- Exploding Airbags is the Next Hidden Danger Lurking on the Horizon
- An Update on the Firm's Mass Torts Litigation
- The Travis Grant Story Is A Good One
- The Civil Justice System Does Make a Difference
- BP's Stay Request Fails Before the Supreme Court
- Favorite Bible Verses
- Eight Car Makers Join in the Recall of Exploding Airbags
- The Deepwater Horizon Claims Program is Up and Running Again
- Favorite Bible Verses
- Pollution Plagues The Water In Alabama
- New York Appeals Court Decisions May Impact Fracking Nationwide
- The Prices Of Generic Drugs Are Going Up
- John Hopkins Settles Pelvic Exam Lawsuits For $190 Million
- An Update On Boating Accidents
- There Were 10 Deaths And 123 Injured During 4th Of July Travel Period In Alabama
- Tracy Morgan Files Suit Against Wal-Mart
- OSHA Issues Safety Violations To Bridge Company
- Investigators Say Overloaded Storage Bins Caused Building Collapse
- Jury Returns $15 Million Verdict Against The Los Angeles Dodgers
- Safeguards Needed To Protect The Public Against Predatory Lenders
- It would of been nice to got a letter!!!! For my 2012 tri-glide, mine just start...
- My 2007 F150 Triton 4x4 truck has had two regulators replaced on the driver door...
- Just in case Ford ever steps up, I'm chiming in. Original Owner 2004 F150 SCrew...
- August 26, 2014 - my wife has received an August GM recall notice on her 2002 mo...
- Thanks, Tiffany Lindsay keep me posted...
- To the lawyer of this firm, something similar happen to me today while traveling...
- Ford sucks! for not recalling this issue... I am on my second replacement.
- Both my front window regulators crapped out on my 2004 f150 back in 2007. Haven...
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 - Aug 1, 2014 14:22 - 0 Comments
More In Product Liability
- NHTSA Finally Issues A Rear Underride Standard
- Dangers Associated With Portable Bed Handles
- A Danger in Your Home Is Hiding In Plain Sight
- Joan Claybrook Recalls Important Product Safety Issues She Dealt With As Head Of NHTSA
- GM Stops Sales Of Some Cadillacs Over Ignition Issue
Recalls Update - Aug 1, 2014 12:23 - 0 Comments
More In Recalls Update
- Unique Pharmaceuticals, Ltd. Recalls All Sterile Compounded Preparations Within Their Expire Period
- Dream On Me Recalls High Chairs Due To Strangulation And Fall Hazards
- Oeuf Recalls To Repair Cribs Due To Entrapment Hazard
- Fiberglass Boom May Conduct Electricity
- Porter-Cable Fixed-Base Production Routers Recalled Due To Electrical Shock Hazard