LAWSUITS NEWS & LEGAL INFORMATION
Pfizer Reaches Tentative Bextra and Celebrex Settlements of $894 Million
This is a settlement for the Bextra lawsuit.
Pfizer Inc announced today that it has reached agreements in principle to resolve substantially all of the personal injury cases, consumer fraud cases and state attorneys general claims involving its non-steroidal anti-inflammatory (NSAID) pain medication Bextra, which Pfizer voluntarily withdrew from the U.S. market in 2005. Additionally, following key court rulings in favor of Celebrex, claims regarding Celebrex, an effective pain treatment for millions of patients, will also be resolved as part of the settlement.
The personal injury settlements will resolve more than 90 percent of the known personal injury claims brought by law firms representing persons who allege that Pfizer's NSAID pain medications were the cause of a heart attack, stroke or other injury. Pfizer will work to finalize agreements with each of the law firms with which it has agreements in principle before the end of the year.
Pfizer also has reached an agreement in principle to settle payor class action consumer fraud cases involving Bextra and Celebrex in which plaintiffs allege economic loss relating to the promotion of these medications. The settlement will resolve these cases on a nationwide basis and is subject to approval by the appropriate courts.
In addition, Pfizer has reached agreements in principle to resolve claims brought by 33 states and the District of Columbia, primarily relating to alleged Bextra promotional practices. Under these settlements, Pfizer will make a total payment of $60 million to the states and adopt compliance measures that complement policies and procedures previously established by the company.
Pfizer has insurance coverage for a portion of the personal injury settlements and is seeking to recover payments to which it believes it is entitled from its insurance carriers.
Published on Oct-17-08
The personal injury settlements will resolve more than 90 percent of the known personal injury claims brought by law firms representing persons who allege that Pfizer's NSAID pain medications were the cause of a heart attack, stroke or other injury. Pfizer will work to finalize agreements with each of the law firms with which it has agreements in principle before the end of the year.
Pfizer also has reached an agreement in principle to settle payor class action consumer fraud cases involving Bextra and Celebrex in which plaintiffs allege economic loss relating to the promotion of these medications. The settlement will resolve these cases on a nationwide basis and is subject to approval by the appropriate courts.
In addition, Pfizer has reached agreements in principle to resolve claims brought by 33 states and the District of Columbia, primarily relating to alleged Bextra promotional practices. Under these settlements, Pfizer will make a total payment of $60 million to the states and adopt compliance measures that complement policies and procedures previously established by the company.
Pfizer has insurance coverage for a portion of the personal injury settlements and is seeking to recover payments to which it believes it is entitled from its insurance carriers.
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