New York Injury News — Thursday, August 28, 2008 was scheduled to be the date for the first of numerous partial payments, awarded to plaintiffs in a $4.85 billion settlement, to be sent out. The payments were estimated to be 40 percent of each plaintiff’s total payout.
Merck pulled the drug, Vioxx, from the market in 2004, after research on the arthritis medication showed a correlation between it and increased risk for stroke and heart attack. The move sparked a series of lawsuits, which hurt the company’s previously excellent reputation, and forced a change of their CEO. The multibillion-dollar settlement was reached last November. There are still potential class actions pending against pharmaceutical giant Merck and Company alleging Vioxx, which has since been removed from the market, caused heart attacks.
An estimated 50,000 individuals are stated to have registered claims for this settlement. Attorneys involved are now reviewing claimant information to ensure the completeness and accuracy of all necessary paperwork. Sending payments shortly after this eight-month period upon reaching the settlement is said to be an unprecedented move. Settlement amounts for each individual may range from $5,000 to well over $1 million. Those seeking compensation include government medical care providers, private insurance companies in addition to the injured parties. Merck is still facing a series of lawsuits in relation to Vioxx.
Product liability law helps protect the legal rights of victims injured as a result of defective products or dangerous drugs. Individuals who have sustained injuries after taking a prescribed and recalled or hazardous medication should contact a qualified consumer Justice attorney in their state and seek information on how to be legally compensated for medical expenses, pain and suffering, and other damages.
New York Injury News – Legal News Reporter