AstraZeneca Pays $198M For 17,500 Seroquel Suits
9 CommentsBy Ed Silverman // August 9th, 2010 // 6:43 am
AstraZeneca is moving closer to resolving the large number of lawsuits filed in the US over claims that the risks of its Seroquel antipsychotic were not properly disclosed. In the latest disclosure, AstraZeneca has agreed to pay about $198 million to settle 17,500, or roughly two-thirds of the outstanding lawsuits, according to a statement.
Over the past few weeks, there were piecemeal reports that AstraZeneca agreed to settle large numbers of lawsuits, such as one that the drugmaker agreed to pay $55 million to resolve some 5,500 lawsuits alleging the company knew Seroquel could cause diabetes, but failed to provide adequate warnings. Those settlements, however, are part of the 17,000 lawsuits that are now being resolved. In all, the average payments work out to about $10,000 to $12,000, according to previous reports.
The moves bring AstraZeneca closer to dispensing with the litigation before associated costs spiral upwards and further distract managers, all of which combines to unhinge investors if court battles are lost and no end appears in sight. AstraZeneca is not the only large drugmaker to reach deals with a large number of plaintiffs in ongoing product-liability litigation. Recently, GlaxoSmithKline has done the same concerning lawsuits filed over its Avandia diabetes med and Paxil antidepressant.
pic thx to o5com on flickr
MsPiggy
I’m quite sure AstraZeneca would like to get this ugly monkey of thier backs cheap.
Though I seriously doubt you are going to find many plaintiffs that will accept a $10,000 settlement on serious life time injury.
AZ appears to be putting the cart before the horse in their press releases.
My direct Sources are saying they have not been directly contacted by their law firms, and will not accept what amounts to be simply appeasement money offered in this case.
Stephany
$10K for a lifetime duration of body organ damage, that now cannot work on its own due to using an antipsychotic, Seroquel.
What does this tell patients? what does this tell the American public?
1. Corporate greed is above your health and safety
2. the FDA is worthless, do not accept that entity as a force to protect public safety in health and medications
3. The cases are being settled low-ball by a billion dollar company with several CIA’s and millions upon millions of dollars in fines from the DOJ
4. Whistleblowers, such as James Wetta receive more income than innocent victims with lifetime body organ damage.
5. $10K does not cover medical care, insurance, cost of injections or medications to manage the diabetes Seroquel induced in innocent patients.
6. The drug is still on the market, being sold as an antidepressant, used as an off label sleep aid and given to children off label, when does this insult to American society stop?
7. When does America stand up against corporate greed?
8. Why did the Miller Firm not know the 5500 cases were “resolved according to Bloomberg”, while Michael Miller was on vacation?
9. Did the Miller Firm cut a deal with AstraZeneca?
Truth
These agreements benefit the lawyers and the Big Pharma companies, while cheating patients. Patients that took these drugs and suffered serious side effects. Side effects that were hidden and denied by the Big Pharma company that frequently promoted this drug off-label, so doctors would precscribe it to people that had no reason to get it. All done becuase the big pharma hogs wanted to fill their coffers with more money, without regard for the health of patients. Fraudulent activity without accountability!
pharmavet
That leaves approximately $23,000,000 for the lawyers, a rather paltry 11.6% contingency fee by legal standards. They must not have used the firm of Dewey, Cheatham, and Howe on this case.
Stephany
Does anyone have an AER list document showing deaths related to Seroquel use?
Stephany
Crooked Path to Easy Street-lol
http://bipolar-stanscroniclesandnarritive.blogspot.com/2010/08/astrazeneca-seroquel-this-doesn198.html
Justice in MI
Dare I remind us that (unless special arrangements were made), Michigan citizens who might have been plaintiffs will get squat, thanks to our odious drug industry immunity statute.
So, whatever one bricks on wants to throw at “greedy trial lawyers,” to Michigan citizens left with no recourse whatsoever, it will all sound like so much self-indulgence–something the lucky, healthy and wealthy can do for fun.
Stephany
Someone is lying: who is it? U.S. lawfirm says NOT settled: AstraZeneca Seroquel http://tinyurl.com/26z7wst
Michele Ernette
I don’t know where to go….
I have been taking Seroquel for about 3 years and have just been diagnosed with Diabetes. There is no history of Diabetes in my family.
Can you help me to contact someone who is able to direct me to the right person who can give me more information?
Thank you
PS
How long has AstraZeneca known about this? I am devastated.