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Teva Settles Propofol Lawsuits for $250 Million

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Teva, the largest generic drug maker in the world, has confirmed that it has agreed to settle nearly 80 lawsuits filed in Nevada alleging the company sold the anesthetic Propofol in vials large enough to be reused by doctors, leading to colonoscopy patients to develop hepatitis C. Teva did not specify the amount of the settlement.

The settlement also resolves a 2010 lawsuit in which a Las Vegas school principal, Henry Chanin, claimed he developed hepatitis C from a used Propofol vial during a colonoscopy. In that case, a jury awarded more than $500 million against the Israeli drug maker, Businessweek reported.

Teva US based spokesperson Denise Bradley said in an email that though fifteen Propofol lawsuits are still active in Las Vegas, “Teva is pleased to have put the vast majority of these matters behind us.”

Teva previously settled 120 Propofol lawsuits, and put $270 million in reserve for the litigation, and plans on adding $15 million more to the reserve in the first quarter.

Before the settlement, Teva faced numerous multi-million verdicts regarding Propofol sales in Nevada, including the Chanin verdict, as well as awards to three other colonoscopy patients who filed lawsuits.

 

breakinglawsuitnews.com disclaimer: This article: Teva Settles Propofol Lawsuits for $250 Million was posted on Friday, February 24th, 2012 at 8:59 pm at breakinglawsuitnews.com and is filed under Defective Drug Lawsuits.

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