Eli Lilly to pay $700 million to Zyprexa Victims

On June 9th, 2005 Eli Lilly and Company announced that it has entered an agreement with plaintiffs’ attorneys involved in Zyprexa liability litigation to settle most of the claims against the company relating to their Zyprexa medication.

"While we believe the claims are without merit, we took this difficult step because we believe it is in the best interest of the company, the patients who depend on this medication, and their doctors," said Sidney Taurel, chairman, president and chief executive officer of Eli Lilly and Company.

The agreement states that Eli Lilly will establish a fund of $690 million for plaintiffs who agree to settle their claims. This settlement fund will be overlooked and distributed by claims administrators chosen by the steering committee of the plaintiffs. At this time the number of claimants is projected at around 8,000 comprising about 75% of claims identified to Lilly.

This agreement involves claimants who have allegedly developed diabetes-related side effects from their use of the drug Zyprexa. Those who are not covered by the final settlement are those who are represented by attorneys not participating in the agreement in principle. Lilly is ready to continue their forceful defense of Zyprexa in the remaining cases.

Investors have been advised that at least $700 million pretax will be taken in the 2nd quarter of 2005 to cover this settlement and as well as other product liability claims.

To learn more about this recent Zyprexa settlement by Eli Lilly and Company please visit http://www.resource4zyprexainfo.com

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