Home >
Federal District Court Approves Seventh Amendment to National Diet Drug Settlement
Wyeth (NYSE: WYE) today said that Judge Harvey Bartle III of the U.S. District Court for the Eastern District of Pennsylvania has approved the proposed Seventh Amendment to the National Diet Drug Settlement. The judge’s ruling followed a fairness hearing on January 18 and 19.
(I-Newswire) - “This is another important milestone in the Seventh Amendment approval process,” says Lawrence V. Stein, Senior Vice President and General Counsel of Wyeth. “Although the proposed amendment is still subject to appeal, we are encouraged by Judge Bartle’s approval and agree that this amendment is ‘fair, adequate and reasonable’.”
Executed in May 2004, the Seventh Amendment to the Settlement Agreement would create a new claims processing structure, funding arrangement and payment schedule for matrix Level I or II claims, the least serious but most numerous claims in the Settlement. The amendment would ensure that these claims are processed on a streamlined basis, while preserving funds in the existing Trust for more serious claims.
The Seventh Amendment includes the following key terms:
Creation of a new Supplemental Fund administered by an administrator appointed by the District Court. Following approval by any appellate courts, Wyeth would deposit a total of $1.275 billion, net of certain credits, into this fund. Qualified matrix Level I and II claimants who pass medical review and satisfy other Settlement requirements would receive a pro rata share of the $1.275 billion fund, after deduction of certain expenses and other amounts. The pro rata amount would vary depending upon the number of claimants who pass medical review, the nature of their claims, their age and other factors. Those not qualifying after medical review would be paid $2,000.
If participants in the Seventh Amendment have heart valve surgery or certain other more serious medical conditions by the December 31, 2011, as defined in the Amendment, they would remain eligible to submit claims to the existing Settlement Trust and be paid the current matrix amounts. If the Trust is unable to pay those claims, Wyeth will guarantee payment.
Participating class members who might in the future have become eligible to file matrix Level I or Level II claims would receive $2,000. These payments would be funded by Wyeth, apart from its other funding obligations under the Settlement.
Class members participating in the Seventh Amendment would give up any further opt-out rights. The Amendment precludes any lawsuits by Wyeth or the Trust to recover amounts previously paid to class members by the Trust, and it terminates the Claims Integrity Program with respect to participating class members. Wyeth is one of the world's largest research-driven pharmaceutical and health care products companies. It is a leader in the discovery, development, manufacturing, and marketing of pharmaceuticals, vaccines, biotechnology products and nonprescription medicines that improve the quality of life for people worldwide. The Company's major divisions include Wyeth Pharmaceuticals, Wyeth Consumer Healthcare and Fort Dodge Animal Health. ######
Media Lowell Weiner Wyeth 973-660-5013
Douglas Petkus Wyeth Pharmaceuticals 484-865-5140
Investor Justin Victoria 973-660-5340
If you have questions regarding information in this press release contact the company listed below. I-Newswire.com is a press release service and not the author of this press release. The information that is on or available through this site is for informational purposes only and speaks only as of the particular date or dates of that information. As some companies / PR Agencies submit their press releases once per week/month or quarter, make sure check the official company website for accurate release dates as our site displays the I-Newswire.com distribution date only. We do not guarantee the accuracy or completeness of information on or available through this site, and we are not responsible for inaccuracies or omissions in that information or for actions taken in reliance on that information.
ThePennyStockGuru.com is pleased to offer its stock alerts service to the investing community. Investors who are interested in stocks on the move and in the news can receive FREE Alerts by visiting the following link: http://www.ThePennyStockGuru.com
Players can win thousands of dollars on a daily, weekly and per league basis by playing PSX developed by MySportsBroker Ltd. The PSX tests the players’ knowledge of sports in a contest environment.
Serious rockers buy Guitar Hero 3 bundle because they take the game seriously. As soon as the latest Guitar Hero installment has been released, they want to get their hands on these as soon as possible. Like in the case of the Guitar Hero III game.
The Webkinz Toys are a hit to kids today. They are like the blockbuster movie when it comes to toys. If you go to kids´ bedrooms, chances are you would see these high tech dogs and cats on their shelves.
Atlantic Street Capital Partners secures the management consulting services of Ahern and Associates to develop a long term growth strategy for future transportation acquisitions.
So you´re out there to get disability insurance but you have no idea how much these plans normally cost. You can canvas through the insurance companies and compare which plans provide you with the best rate that go with your lifestyle and budget.
Bank Foreclosure Auction becoming the new style in the United StatesThe first and foremost doubt that many people might get is regarding the profit that could be god with a bank foreclosure auction. In fact it is a real good means to see some pro
You´re renting a home. It could be an apartment or it could be a unit in a condominium. Don´t join those people who think that they need not buy renters insurance because this is a contrary belief.
There is way for you to get the cash you need If you have to consolidate the high interest of your credit card debt or you have to pay the college tuition of your children. You can opt for VA loan refinancing for home equity. This can make great impr
