-November 13, 2007
Drugmaker Merck & Co. settled a majority of their claims involving the painkiller Vioxx late last week.
The drugmakers settled for $4.85 billion, which is reportedly the largest settlement in the country this year.
Lawsuit Details
According to Merck officials, the settlement aims at resolving 85 percent of the lawsuits that have been filed against them in recent years.
The company has allegedly set up a settlement fund for $4 billion that will go towards those who have suffered from heart attacks while on the medication.
The additional $850 million has been set aside for those who have suffered from strokes due to taking Vioxx.
“In the big picture, this is a bargain for Merck,” explains Michael Krensavage, an analyst who says that Merck has been spending an estimated $600 million in legal fees annually. “The settlement is chump change compared to the initial fears that sent Merck shares into the $20 range.”
Vioxx Recalled
The drug manufacturers recalled Vioxx in 2004 after a study was released claiming that it potentially raises the risk of heart attacks in patients.
In order for patients to be eligible for payments, they must present medical proof of a heart attack or stroke.
The documentation needs to state that they have used the drug for at least 30 days and prove that they had been taking the drug for at least 14 days prior to the incident.
(Source: Bloomberg)
Have you or someone you know been harmed by Vioxx? Contact an experienced attorney today to protect your legal rights and to ensure that you will receive the compensation that you deserve.
