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Baycol Class Action Settlement Approved
Added March 27th, 2006
A judge has approved a class action settlement put forward by German drug manufacturer Bayer. The settlement would be used to reimburse employers, health plans, and unions for cash spent on Baycol, the cholesterol drug that was recalled from the market.
Lawyers for plaintiffs have stated that the Philadelphia Court of Common Pleas judge has granted preliminary approval to the settlement. Bayer has agreed to pay a billion dollars in settlements since the drug was withdrawn after being linked to over 100 deaths.
Lawyers state that unions, employers, and health plans will be eligible for reimbursement of costs for purchases of the drug made prior to the withdrawal in 2001 that could then no longer be used after the drug was withdrawn.
It is thought that this is the first class action approval on behalf of a third party in relation to a drug that has been withdrawn from the market.
Baycol Class Action... | Printable Version (Opens In New Window)