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Baycol Settlement
Baycol:
Baycol Settlement Update
Baycol Settlement
Update: In 2003, there have been a number of Baycol claims settled
in the U.S. - These settlements have been involving injuries related
to a condition called rhabdomyolysis, which the patients developed
after taking the drug.
June 10, 2003
888 more Baycol lawsuits settled. Bayer had announced in its’
May 2003 update that 785 of the Baycol lawsuits had been settled out
of court, amounting to $240 million for the German based pharmaceutical
company. Now, Bayer has announced it has settled 888 Baycol lawsuits,
but has not announced how must the additional Baycol settlements cost
the company. The company is still facing around 9,400 more Baycol
lawsuits that are pending, an increase from 8,800 in May.
Following is a
Reuters article from June 27, 2003:
Reuters
UPDATE - Bayer says 1,042 Baycol lawsuits settled
Friday June 27, 8:04 am ET
FRANKFURT, June 27 (Reuters) - German drugs and chemicals group Bayer
AG (XETRA:BAYG.DE - News) said on Friday it had settled 1,042 lawsuits
over its recalled cholesterol drug Baycol out of court, up from 888
at its last update on June 10.
Bayer said on
its website that it had around 9,400 cases pending against it, the
same number as earlier this month.
Bayer withdrew
Baycol, which has been linked with over 100 deaths, in August 2001.
It said in May it had spent $240 million on settling 785 cases, but
it has not provided an update on that figure since.
The company has
won both Baycol cases that have gone to court in the United States,
sparking a relief rally in its stock. The shares have more than doubled
in value since mid-March after halving in price in the first half
of the year.
Bayer also faces
a move in the United States to get several Baycol lawsuits categorised
as a class action, a move that analysts are watching with interest.
Bayer shares were
down 0.29 percent at 20.29 euros at 1155 GMT, underperforming the
DAX blue chip index (XETRA:^GDAXI - News), which was down 0.11 percent.
If
you have an interest in the Baycol lawsuits, it is much to your advantage
to contact an attorney who advertises having experience and knowledge
in Baycol litigation. There are various lawyers devoted to these cases
and most offer services on a no-win no-fee basis. This is an important
factor to ascertain when contacting an attorney.
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