Bayer Settles More Than 2,900 LawsuitsJan 26, 2005 | AP
German drug maker Bayer AG said Wednesday it has now settled more than 2,900 suits related to its cholesterol-lowering drug Lipobay, or Baycol, paying more than US$1.1 billion in out-of-court deals.
Bayer pulled Lipobay, marketed as Baycol in the United States, in 2001 after it was linked to a rare muscle-wasting syndrome and about 100 patient deaths.
In a regular posting to its Web site, the Leverkusen-based company said it has now settled 2,933 cases and agreed to pay a total of US$1.113 billion without admitting liability. Some 6,359 cases are still pending.
In November the company said it had reached settlements in 2,895 cases and paid some US$1.1 billion in out-of-court deals.