January 28, 2009Report: Eli Lilly Faces $4 Billion More To Settle Zyprexa CasesMuch as I've been saying since last summer, the Bloomberg wire service is reporting today that Lilly faces at least $4 billion more in settlement monies to shut down the remaining lawsuits brought against the company over its handling of Zyprexa, its $4 billion-plus selling antipsychotic. The remaining cases involve unions, insurance companies and pension funds who've sued the company in federal court in New York State plus remaining lawsuits by 12 states who were not part of last week's $1.42 billion settlement between Lilly and the feds plus about 30 other states. Adding $4 billion to the $2.7 billion the company has already paid out would bring the total to $6.7 billion, or more than the $4 billion-plus that Merck is paying out over Vioxx, which is the current record holder for pharma settlements. "Not part of the settlements were suits by 12 states and a class-action case brought by pension funds, insurance companies and labor unions seeking as much as $6.8 billion. Two state trials are set for this year. Settling all 12 might cost the company another $2 billion, and going to trial would cost more, said Patrick Burns, a spokesman for Taxpayers Against Fraud. Whether Lilly ends up settling is another matter entirely, but the company has blustered before about meritless Zyprexa cases only to later settle them. Lilly had this to say to Bloomberg: "'We believe their claims are without merit, and that’s why we’re prepared to go to court,' Marni Lemons, a spokeswoman for Lilly, said. She wouldn’t comment on how much more Lilly may spend to settle suits." So we shall see. Hopefully, these cases will be wound up sometime this year. Posted by Philip Dawdy at January 28, 2009 11:55 AM
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I see all this press about zyprexa, and I cannot tell about the details of the case, I'm just someone who needed this medication during 4 years, after some mean assholes around me poisoned a cannabis joint with some other unknown drug to trigger me a particulary bad trip and make me stop cannabis. Without zyprexa I would probably still feel being watched in the street after 6 years. It should be emphasized that 100% of the $4 billion Vioxx settlement went to individuals claiming injuries. Should the Zyprexa settlements go to $6.7 only 17 percent will have gone to individuals. Sadly, what a difference the nature of the the injured class makes. One can only imagine what Lilly's total exposure would have been had all consumers with standing sought redress. It is tragic that those who paid with their health have received relatively little. Posted by: Joe at January 29, 2009 03:47 AMPost a comment
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