Cholesterol Drug Law Suit
"Pulled Cholesterol Drug Costs Bayer" Associated Press, September 20, 2004
Drug maker Bayer AG said Monday it has reached settlements in more than 2,800 cases related to the 2001 withdrawal of a cholesterol-lowering drug, paying nearly $1.1 billion in out-of-court deals. Bayer pulled Lipobay, marketed as Baycol in the United States, after it was linked to a rare muscle-wasting syndrome and about 100 patient deaths.
In a regular update posted on its Web site, the Leverkusen-based company said it has now reached 2,861 settlements and agreed to pay a total of $1.094 billion without admitting liability. Some 7,577 suits are still pending, it said. Earlier this year, Bayer reached an agreement with most of its insurers on coverage of around $1.2 billion for litigation related to the Lipobay withdrawal.