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$647 Million for Seroquel Lawsuit Settlements

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Bloomberg Businessweek has reported that AstraZeneca Plc., has settled almost all of the 28,461 lawsuits that were filed against over Seroquel, an antipsychotic that has caused diabetes in some users. The settlement amount of $647 million that has been set aside includes money that may be used to settle the nearly 250 lawsuits that have not been resolved.

“AstraZeneca is aware of about 250 Seroquel product- liability claims in the United States that have not been settled in principle,” Tony Jewell, a U.S.-based spokesman for AstraZeneca, said in an e-mailed statement Bloomberg reported. “We remain committed to a strong defense effort, but will continue to participate in good faith in the court-ordered mediation process for the remaining cases,” he added.

Since 2006, all Seroquel lawsuit filed in federal courts have been consolidated in Orlando, Florida.

AstraZeneca has paid a total of $749 million in legal fees and expenses to defend against the claims. About $134 million of that is covered by insurance. The company also agreed to pay $520 million last year to resolve allegation that it illegally  marketed the drug for unapproved uses.

The case is In Re Seroquel Products Litigation, 06-MD- 01769, U.S. District Court, Middle District of Florida (Orlando).

 

 

breakinglawsuitnews.com disclaimer: This article: $647 Million for Seroquel Lawsuit Settlements was posted on Monday, August 1st, 2011 at 8:13 pm at breakinglawsuitnews.com and is filed under Defective Drug Lawsuits.

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