Baycol Class Action
In September 2003, a federal judge denied giving several thousand
lawsuits against Bayer a Baycol class action status. After the
Baycol class action decision was made, Bayer shares greatly increased.
Although the Baycol class action denial appeared to be a victory
for the company, Bayer still faces 11,000 Baycol claims and has
already paid $477 million to settle out of court 1,342 claims.
The decision to deny Baycol class action status was because the
U.S. District Judge ruled the cases were too diverse in issues
and medical conditions to qualify as one Baycol class action.
At the time of the Baycol recall, 416 cases of rhabdomyolysis
had been reported amongst Baycol patients, with 31 of them resulting
in death. Bayer had opposed a Baycol class action status from
the start because in a statement issued by the company it described
the possibility of a Baycol class action as “unmanageable”.
Bayer’s shares have been up and down all year in response
to various Baycol related news, as the latest Baycol class action
denial has displayed. Upon news that a possible Baycol class action
could greatly cause liabilities to exceed Bayer’s insurance
cover, shares had halved. Due to the differences in state laws,
medical histories, Baycol dosages, and Baycol use with other drugs,
Bayer kept its’ stance the entire duration of the Baycol
class action ruling that the judge should not approve a Baycol
class action. Lawyers are still reviewing options to appeal the
denied Baycol class action.
For more information on Baycol and Baycol class actions, please
contact us to confer with a Baycol
class action lawyer.