Wyeth has
set aside $16.6 billion in charges
to cover potential lawsuits,
including $3.75 billion
in a national settlement reached in 2000
July 23, 2004--Company officials said
yesterday that 53,000 former users had opted out of the settlement and
filed lawsuits against Wyeth.
"We do not expect to have to
litigate, or settle, all the filed cases. We believe many of the claims
are medically deficient," Martin told analysts on a conference
call.
For now, the company will not increase
its diet-drug reserve, which stands at $3.3 billion. "We cannot
estimate how many additional reserves may be required," he said.
"It could be significant."
"The thing is not going to
resolve itself in the near term, in the next couple of months,"
Martin said. "I expect the other side would love us to roll over
and put money on the table. That's not where we are right now."
Wyeth officials said there were fen-phen
cases on trial, including one that began in Philadelphia Common Pleas
Court this week.
To Contact Us, Click
here
Copyright (C) 1999-2009 TodaysSeniorsNetwork.com