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
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