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Additional $1.275 billion set aside to settle fen-phen lawsuits

-May 6, 2004

Years after the fen-phen recall, Wyeth has never quite bounced back. Still heavily affected by fen-phen litigation, Wyeth has just agreed to set aside an additional $1.275 billion to settle fen-phen cases. The agreement still needs court approval, but almost 40,000 fen-phen users could potentially receive payment within a year.

In 1999, a $3.75 billion fund was created as part of a global settlement, which Wyeth charged included fraudulent cases, causing delays to thousands of fen-phen payments. The additional money has been agreed to in response to the higher number of fen-phen claims than expected that were filed and an insufficient amount of money left in the fund. There were at least 28,000 heart valve fen-phen lawsuits filed by the May 3 rd deadline and close to 60 lung damage fen-phen cases could still go to court.

According to a drug industry analyst, Wyeth could be forced to set aside another $7.5 billion for the remaining litigation and potential liability. According to fen-phen lawyers, many clients have opted out of the settlement because they feared there would not be enough money because it is under funded.

For more information on fen-phen settlements, please contact us.


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