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$4.85 billion allotted to pay settlements against Vioxx®
Source:
November 9, 2007
Pharmaceutical drugmaker Merck & Co. has agreed today to
pay out $4.85 billion to settle claims made against Vioxx®, a painkiller that
was withdrawn from the market in September 2004 after studies linked the drug
to increased risk of stroke and heart attacks.
Merck stresses that this money is not for the settlement of
a class action suit. Rather, the funds will be set aside for over 47,000 groups
with cases against Vioxx®, who can petition for settlements to be paid out from
the funds. Settlements will be evaluated on a case-by-case basis and will be
eligible to those groups who have filed up until Thursday.
This is a striking reversal from Merk’s earlier stance,
which had been to fight all claims on an individual basis. Of the cases that
had gone to litigation, 12 had been won and five lost, according to Merck
spokesman Kent Jarell.
This is one of the largest payments since the former
American Home Products settled cases against Fen-Phen® in 1997, which has paid
out nearly $20 billion in the last 10 years.
Outside of this settlement, Merck still faces lawsuits from
another 13,000 plaintiff groups.
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