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Pfzier Reaches Settlement In Rezulin Trial
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Business New Haven
1/7/2002
By: BNH
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NEW YORK- Plaintiffs Margarita Sanchez and her family have reached a settlement agreement with Pfizer. Under the terms of the settlement, the Sanchez family agreed not to oppose Pfizer's motion for a new trial and to vacate the compensatory damages verdict.
Paul S. Miller, executive vice president and general counsel, Pfizer said, “For Pfizer, the settlement, at a substantially lower amount than the jury's vacated compensatory awards of $43 million, was an attractive alternative to the additional expenses of continued litigation.”
In the settlement, Pfizer admits to no liability, and the company continues to believe that Warner-Lambert acted properly and in compliance with regulatory requirements in the Rezulin matter.
Noting today's settlement, Mr. Miller also reiterated that, considering its insurance and reserves, Pfizer continues to be of the opinion that the Rezulin litigation should not have a material adverse effect on the financial position or results of the company.
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