Merck Agrees to Settle Vioxx Suits for $4.85 Billion
More Info: Defective Drugs
Three years after withdrawing its pain medication Vioxx from the market, Merck has agreed to pay $4.85 billion to settle 27,000 lawsuits by people who claim they or their family members suffered injury or died after taking the drug, according to two lawyers with direct knowledge of the matter.
The settlement, one of the largest ever in civil litigation, comes after nearly 20 Vioxx civil trials over the last two years from New Jersey to California. After losing a $253 million verdict in the first case, Merck has won most of the rest of the cases that reached juries, giving plaintiffs little choice but to settle.
The settlement will help put Vioxx behind Merck, as well as sharply reduce its Vioxx-related legal defense fees, which are now running at more than $600 million annually.
Judges in Louisiana, New Jersey and California, who oversee nearly all the lawsuits, had pressed for a deal before a new wave of trials was scheduled to begin in January.
The agreement could still collapse, though lawyers with knowledge of the deal said that was unlikely. The deal becomes binding only if 85 percent of all plaintiffs agree to drop their cases and take the deal.
Plaintiffs will receive different settlement payments depending on the severity of their injuries and the length of time they took Vioxx.
See the full, original post here: https://www.nytimes.com/2007/11/09/business/09merck.html
TriMark Legal Funding was founded in 2003 and is one of America's original legal funding providers. TriMark provides pre-settlement funding and post-settlement funding to injured plaintiffs who are involved in personal injury lawsuits, employment litigation, work injury accidents and workers compensation lawsuits, mass tort litigation, and multidistrict litigation. We also provide post-settlement attorney funding and portfolio funding for law firms.
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