Breaking News
Wyeth is now a part of Pfizer Inc. The merger of local Wyeth and Pfizer entities may be pending in various jurisdictions and is subject to completion of various local legal and regulatory obligations. To learn more, please visit www.pfizer.com.

Health Care Professionals Log In



News & Press release archive

This section contains information older than six months. It is intended for use by members of the media and is not considered current information.

You may also search our news archive by using keywords or dates (example: 08/08/2004)

Loading..




02 / 28 / 2005

Wyeth and Lawyers Representing Diet Drug Plaintiffs Advance Settlement Discussions

-- Company Agrees to Move Forward with New Process --

Madison, N.J., February 28, 2005 – Wyeth (NYSE: WYE) today said that plaintiffs’ attorneys representing a substantial number of claimants who have opted out of the National Diet Drug Settlement have agreed to participate in a proposed process for settling downstream opt-out cases, and that the Company is prepared to move forward with the process. The proposed process provides a methodology for valuing different categories of claims and also provides a structure for individualized negotiations between Wyeth and lawyers representing diet drug claimants.

“We are pleased with the level of interest generated by the proposal,” says Lawrence V. Stein, Senior Vice President and General Counsel of Wyeth. “Although many steps remain to resolve this litigation, this is an important development in the settlement process.”  

Today’s announcement follows last month’s news that Wyeth was in talks with a group of plaintiffs’ attorneys about a proposed settlement approach. 

A stay mechanism has been designed to save the parties the time and expense required to prepare for and litigate cases while settlement negotiations proceed.  The Company will continue to aggressively litigate with those plaintiffs’ attorneys who do not participate in this process.

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
Douglas Petkus
Wyeth
973-660-5218

Media
Lowell Weiner
Wyeth
973-660-5013

Investor
Justin Victoria
Wyeth
973-660-5340




Page Rating