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On June 9th, 2005 Eli Lilly and Company announced that it has entered an agreement with plaintiffs’ attorneys involved in Zyprexa lawyer liability litigation to settle most of the claims against the company relating to their Zyprexa medication.
"While we believe the claims are without merit, we took this difficult step because we believe it is in the best interest of the company, the patients who depend on this medication, and their doctors," said Sidney Taurel, chairman, president and chief executive officer of Eli Lilly and Company.
The agreement states that Eli Lilly will establish a fund of $690 million for plaintiffs who agree to settle their claims. This settlement fund will be overlooked and distributed by claims administrators chosen by the steering committee of the plaintiffs. At this time the number of claimants is projected at around 8,000 comprising about 75% of claims identified to Lilly.
This agreement involves claimants who have allegedly developed diabetes-related side effects from their use of the drug Zyprexa. Those who are not covered by the final settlement are those who are represented by attorneys not participating in the agreement in principle. Lilly is ready to continue their forceful defense of Zyprexa in the remaining cases.
Investors have been advised that at least $700 million pretax will be taken in the 2nd quarter of 2005 to cover this settlement and as well as other product liability claims.
Zyprexa Lawyer Lawsuits
Since the year 2000 the warning signs for Zyprexa have been surfacing, but Eli Lilly didn’t begin to acknowledge the problems until much later when the FDA intervened. In fact, the FDA finally had to order drug maker Eli Lilly to change the label, warning patients of the dire complications as a result of the drug. Hundreds of patients had adverse reactions and reported complaints of hyperglycemia, diabetes, ketoacidosis, pancreatitis and other related conditions.
Unfortunately there have been 288 diabetes cases reported in Zyprexa patients, with 23 of them resulting in fatalities. While Eli Lilly has acknowledged the dangerous life-threatening side effects associated with Zyprexa, consumer advocates point out that the Zyprexa side effect warnings referencing diabetes, heart attack, coma and hyperglycemia continue to be hidden deep within the drug’s adverse reactions label.
Don’t let huge pharmaceutical companies such as Eli Lilly get away with insensitivity towards consumer safety. Only extensive litigation will force the industry to be more vigilant in researching potentially harmful side effects and warn consumers about these risks. Contact our Zyprexa lawyers today for your free case review.
This site is not affiliated or connected with ZYPREXA® or Eli Lilly. Zyprexa® is a registered trademark of Eli Lilly and Company. For medical information about ZYPREXA® contact your physician.
