Class Action

Pfizer Agrees to $894 Million Celebrex and Bextra Settlement

By classlawblog

Pfizer announced on Friday, October 17, 2008, that it had agreed in principal to pay $894 million to settle approximately 90% of the litigation involving its drugs Celebrex and Bextra.  The lawsuits brought against Pfizer “generally alleged that use of the drugs caused heart attacks and other problems, and that Pfizer failed to adequately warn of the risks.”  Both drugs were known as selective Cox-2 inhibitors which were designed to provide pain relief while minimizing side effects associated with traditional pain relievers like ibuprofen.  After their introduction, studies began to show that Cox-2 drugs may increase the risk for heart problems.  The breakdown of the settlement results in $60 million to be paid to the states for claims brought by various Attorneys General; $745 million to resolve to personal-injury cases; and $89 million for the consumer-fraud class action claims.  The settlement is still pending filing and approval by the court.

Full post as published by ClassLawBlog.com on October 23, 2008 (boomark / email).