Bayer to Shareholders – Projecting $1.2 Billion for Yaz/Yasmin Lawsuits
August 8th, 2012 tmccoy
Bayer recently updated its stockholders about the Yaz and Yasmin lawsuits. Bayer stated that they are facing 12,325 Yaz and Yasmin Lawsuits. Yaz and Yasmin are birth control pills that contain the synthetic hormone drospirenone.
Recent scientific studies have shown the drospirenone raises the risk of blood clots to a larger degree than other comparative ingredients that are used in other types of oral contraceptives.
Bayer also stated that it has settled 1,877 cases and paid out $402.6 million, but has not admitted liability. Bayer stated that it is only going to be settling blood clot cases in the near future. There are about 6,000 Yaz and Yasmin cases that are alleging blood clot injuries. Bayer said that they believe that the suits will only cost the company about $1.2 billion dollars as long as the cases settle for about the same amount of money as prior settlements.
Bayer did not discuss the possibility of settlement with the other 6,000 cases – the cases that allege injuries other than blood clots.
This litigation is consolidated as a Multidistrict Litigation in the Southern District of Illinois. However, the overseeing judge has been working to push the two sides towards a settlement.
