Class Action Lawsuit Against Pharmaceutical Giant
Posted: Monday, June 9th, 2008 at 2:00 pm
The decision of a lower court to allow plaintiffs in a class action lawsuit to try and recover money from sales of a drug by a pharmaceutical giant has been affirmed recently by an Ontario Appeal court. Eli Lilly & Co may end up paying out over nine hundred million Canadian dollars as a result of the class action lawsuit, according to a recent report.
The appeals court said that rather than recovering money for damages caused by the drug the plaintiffs could try and recover money from actual sales of the drug in Canada. This comes after many people that took the Schizophrenia drug, Zyprexa, went on to develop diabetes.
Eli Lilly is the world’s leading manufacturer of medication to treat psychiatric disorders. The firm has been accused of failing to make it clear that the medication could cause the condition diabetes. A similar lawsuit was filed in Alaska earlier this year, and was settled out of court for fifteen million dollars.
Sales of the drug last year rose by around nine percent, and it is often prescribed to treat schizophrenia and bipolar disorder. Lat year around one quarter of the firm’s revenue came from the sale of this drug, which rose to $4.76 billion.
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