Correction: Wyeth lawsuit story |
|
|
|
Published
:
Thu, 21 Jun 2007 22:13
|
MADISON, N.J. (AP) - In a June 20 story about a lawsuit against drug developer Wyeth, The Associated Press reported erroneously that Wyeth set aside $1.28 billion in 2006 for litigation related to a cocktail of diet drugs. Instead, the company paid out $1.28 billion in 2006 from a larger fund set aside in 2000.A correct version follows.MADISON, N.J. (AP) -- Drug developer Wyeth said Wednesday it lost a lawsuit alleging damage from the diet drug Pondimin, which the company previously marketed.The jury awarded the plaintiff Virginia Cavender $75,000 in the case, tried in the U.S. District Court for the Eastern District of Missouri in St Louis. She alleged heart valve injury from use of the drug.Wyeth said it is reviewing post-trial options.The drug was part of a diet drug combination called fen-phen, pulled from the market in 1997 over concerns it caused heart-valve defects. Wyeth paid out over $1.28 billion last year from funds totaling $21.1 billion it had set aside in 2000 for lawsuits over the drug cocktail. There is about $2.7 billion remaining, according to the company's estimates.The first lawsuit was filed in 1997 and Wyeth has paid out billions in settlements. More than 122,000 filed lawsuits while over 650,000 filed settlement claims. Tens of thousands of claims were also dismissed.In 2006, Wyeth earned $4.2 billion, or $3.08 per share, on revenue of $20.35 billion.Shares of Wyeth fell 69 cents to $57.29 in afternoon trading.------------Questions or comments about this story should be directed to Damian J. Troise at 212-621-7190Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
|
|
|
|
Print this Story
Wyeth loses Pondimin lawsuit 