Pfizer Inc. resolved all but three of 35,000 claims over its withdrawn diabetes drug Rezulin for a total of about $750 million, 21 percent less than what it set aside for the cases, people familiar with the litigation said.

Pfizer, which is acquiring rival Wyeth for almost $64 billion, paid about $500 million to settle Rezulin cases consolidated in federal court in New York, according to court filings. The company also paid as much as $250 million to resolve state-court suits, two people familiar with the cases said. In 2004, it set aside $955 million to end Rezulin cases.

1.9 Million Diabetics

Rezulin, a drug taken by about 1.9 million diabetics to help regulate insulin levels, was pulled from the U.S. market in 2000 after it was linked to at least 63 deaths from liver failure. Pfizer officials said in 2004 the company faced about 35,000 personal-injury claims over the drug. Pfizer acquired the drug when it bought Warner-Lambert Co. in May 2000 for about $116 billion.

About 15,000 of those claims were consolidated before U.S. District Judge Lewis Kaplan in New York. The company has resolved all but three through dismissals or settlements, according to transcript of a Jan. 16 hearing in New York.

Read more at
http://www.bloomberg.com/apps/news?pid=20601103&sid=a7VBROxSloUY&refer=us

Structured settlement factoring transaction

A structured settlement factoring transaction is a transfer of structured settlement payment rights (including portions of structured settlement payments) made for consideration by means of sale, assignment, pledge, or other form of encumbrance or alienation for consideration. The following are not structured settlement factoring transactions. 1. The creation or perfection of a security interest in structured settlement payment rights under a blanket security agreement entered into with an insured depository institution in the absence of any action to redirect the structured settlement payments to that institution (or agent or successor thereof) or otherwise to enforce such blanket security interest as against the structured settlement payment rights.

2. A subsequent transfer of structured settlement payment rights acquired in a structured settlement factoring transaction. Structured settlement payment rights. Structured settlement payment rights are rights to receive payments under a structured settlement.

Jury verdicts in cancer cases continue to be very high. In 2007 the Weitz & Luxenberg
firm obtained a verdict of $37 million in two asbestos cases involving claims of lung
cancer. Both plaintiffs also smoked cigarettes. In 2008 the same firm obtained a jury verdict
in a mesothelioma case for $16.25 million. There have been some very significant jury
verdicts in Los Angeles County in mesothelioma cases in the past few years.

Asbestos claim filings peaked in 2002 at approximately 80,000 new
claims. Since then, asbestos filing rates are down dramatically.
However, as discussed below, this decline can be attributed almost
entirely to a marked drop in unimpaired, less serious claims.
Mesothelioma and other cancer claims have remained relatively steady.

In 2008 approximately 5,000 new claims were filed. Approximately
2,000 of those claims involved mesothelioma, and we expect a similar
number of such claims in 2009. In most of these cases dozens (sometimes
more than 100) companies are named as defendants.

Read more at
www.skadden.com/content%5CPublications%5CPublications1710_0.pdf

Proposed plan for distributing $176 million in settlement offers. Judge David L. Martin has approved a proposed plan for distributing $176 million in settlement offers that have been made to more than 300 people who lost loved ones or suffered injuries in the Station nightclub fire in 2003.

In a brief order, Martin also approved the appointment of Jeffrey Dahl, of Faribault, Minn., to be a neutral verification expert in the case. Dahl has developed the claim forms that will have to be completed by the fire victims before they receive any money from the settlements.

The $176 million in settlement offers comes from every defendant still being sued by the fire victims.

Read more at
http://www.projo.com/news/content/STATION_FIRE_ORDERS_03-07-09_4EDINQM_v8.36aad90.html

U.S. Magistrate Judge David L. Martin has approved a proposed plan for distributing $176 million in settlement offers that have been made to more than 300 people who lost loved ones or suffered injuries in The Station nightclub fire in 2003.

In a brief order, Martin also approved the appointment of Jeffrey Dahl, of Faribault, Minn., to be a neutral verification expert in the case. Dahl has developed claim forms that will have to be completed by the fire victims before they receive any money from the settlements.

Martin also granted a motion to establish a special trust fund that needs to be created as a repository for the settlement proceeds and to appoint Massachusetts lawyer Paul A. Finn as administrator for the trust fund.

Read more on this at
http://newsblog.projo.com/2009/03/court-approves.html

Despite all the abuses attributed to bankers and Wall Street power brokers in the news as of late - bad judgment and big bonuses - relatively little illegal activity has been revealed.

Pharmaceutical-industry bigwigs largely have been spared public scrutiny, despite decisions that have been unethical at best and in many cases downright illegal. What's worse, despite stiff fines, many drug companies are repeat offenders.

Recently, drug giant Pfizer agreed to pay a record-breaking settlement of $2.3 billion. The federal government has been investigating whether Pfizer marketed its painkiller Bextra for purposes the Food and Drug Administration had not approved.

Read more at
http://www.cleveland.com/health/plaindealer/
index.ssf?/base/news/123546788399830.xml&coll=2