Welcome!

News Feed Item

With Resolution of Fee-Sharing Dispute, Settlement Funding is Now Available to Avandia Plaintiffs' Attorneys

CRESSKILL, N.J., Feb. 14, 2013 /PRNewswire/ -- Attorneys representing plaintiffs suing GlaxoSmithKline (GSK) over the drug Avandia's side effects have resolved their dispute about sharing fees of $142 million. Over 50,000 lawsuits were filed in US state and federal courts citing GlaxoSmithKline's failure to inform type-2-diabetes patients about Avandia's potentially life-threatening side effects: heart attack and failure, stroke, bone fractures, vision loss, and death. The litigation has taken over ten years, with the lead attorneys alone logging more than 60,000 hours. Yet none of the plaintiffs' attorneys have received any compensation for their time or out-of-pocket expenses. RD Legal Funding is now making immediate post-settlement financing available to ease the Avandia plaintiffs' attorneys' financial burdens. 

(Photo: http://photos.prnewswire.com/prnh/20110803/NY45278LOGO)

The FDA approved the use of rosiglitazone—marketed as Avandia—for the treatment of type-2-diabetes in 1999. Tens of millions of prescriptions were written for the drug which may have caused between 60,000 and 200,000 heart attacks and deaths due to cardiovascular problems in the US alone.

  • 2001: GSK receives an FDA reprimand letter regarding false and misleading comments made by sales representatives about Avandia to an undercover investigator.
  • 2005: GSK's draft analysis of Avandia clinical data indicates heart risks. The company modifies Avandia labels, but the warnings are not prominently displayed and do not adequately convey potential health hazards.
  • 2007:  The New England Journal of Medicine reports that Avandia users face a 43 percent higher risk of heart attack or other cardiovascular events and over 60% increase in the risk of cardiovascular death. Avandia profits in 2007 are $3.2 billion.
  • 2007: Congressional hearings review when information about Avandia heart attack risks was available and why it was not disclosed to the public earlier. The FDA mandates a black box warning about Avandia heart attack risks.
  • 2008: An FDA report implicates Avandia in an estimated 83,000 heart attacks.
  • September 2010: Avandia is banned in several European countries but remains on the US market.
  • 2010: GSK pays a $2.36 billion charge to settle 10,000 of 13,000 Avandia US civil lawsuits, investigations over its antidepressant Paxil, and manufacturing problems in its Puerto Rico plant.
  • November 2011: GSK agrees to pay the US government $3 billion to resolve civil and criminal investigations alleging that the company had paid doctors and manipulated medical research to promote Avandia. A mediator is appointed to resolve the bulk of the pending MDL cases.
  • January 2012: A committee of eight Avandia plaintiffs' attorneys is charged with drafting the fee allocation plan for 58 lawyers and firms, with the total amount to be distributed set at 6.25 percent of the total settlement.
  • July 2012: GSK pleads guilty to withholding safety data on Avandia.
  • November 2012: GSK agrees to pay $90 million to settle the claims of 37 states and the District of Columbia.
  • November 2012: The committee submits its fee-sharing agreement which is disputed by nine attorneys. Bruce P. Merenstein is appointed as special master. 
  • January 22, 2013: A modified plan, agreed to by the nine objectors, is filed in PA federal court.

Avandia plaintiffs' attorneys are urged to contact RD Legal Funding, whose unique fee acceleration program will provide them with settlement financing within several days, with no monthly interest or principal payments, as well as no upfront points or fees. No payment of any kind is required until the attorney's settlement fee is received. RD Legal Funding is one of the nation's leading providers of post-settlement financing. For more information call 800-565-5177 or visit http://www.legalfunding.com.

SOURCES:
http://topics.nytimes.com/top/news/health/diseasesconditionsandhealthtopics/avandiadrug/index.html
http://www.drugwatch.com/avandia/lawsuit.php
http://www.bloomberg.com/news/2013-01-18/glaxo-accord-said-to-spur-lawyer-fight-over-fees.html
http://www.legalfunding.com/blog/settlement-funding-for-avandia-plaintiffs-attorneys/

SOURCE RD Legal Funding

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
Financial Technology has become a topic of intense interest throughout the cloud developer and enterprise IT communities. Accordingly, attendees at the upcoming 20th Cloud Expo at the Javits Center in New York, June 6-8, 2017, will find fresh new content in a new track called FinTech.
SYS-CON Events announced today that Interoute, owner-operator of one of Europe's largest networks and a global cloud services platform, has been named “Bronze Sponsor” of SYS-CON's 20th Cloud Expo, which will take place on June 6-8, 2017 at the Javits Center in New York, New York. Interoute is the owner-operator of one of Europe's largest networks and a global cloud services platform which encompasses 12 data centers, 14 virtual data centers and 31 colocation centers, with connections to 195 add...
@DevOpsSummit at Cloud taking place June 6-8, 2017, at Javits Center, New York City, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long developm...
Developers want to create better apps faster. Static clouds are giving way to scalable systems, with dynamic resource allocation and application monitoring. You won't hear that chant from users on any picket line, but helping developers to create better apps faster is the mission of Lee Atchison, principal cloud architect and advocate at New Relic Inc., based in San Francisco. His singular job is to understand and drive the industry in the areas of cloud architecture, microservices, scalability ...
Multiple data types are pouring into IoT deployments. Data is coming in small packages as well as enormous files and data streams of many sizes. Widespread use of mobile devices adds to the total. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists will look at the tools and environments that are being put to use in IoT deployments, as well as the team skills a modern enterprise IT shop needs to keep things running, get a handle on all this data, and deli...
The age of Digital Disruption is evolving into the next era – Digital Cohesion, an age in which applications securely self-assemble and deliver predictive services that continuously adapt to user behavior. Information from devices, sensors and applications around us will drive services seamlessly across mobile and fixed devices/infrastructure. This evolution is happening now in software defined services and secure networking. Four key drivers – Performance, Economics, Interoperability and Trust ...
In recent years, containers have taken the world by storm. Companies of all sizes and industries have realized the massive benefits of containers, such as unprecedented mobility, higher hardware utilization, and increased flexibility and agility; however, many containers today are non-persistent. Containers without persistence miss out on many benefits, and in many cases simply pass the responsibility of persistence onto other infrastructure, adding additional complexity.
Bert Loomis was a visionary. This general session will highlight how Bert Loomis and people like him inspire us to build great things with small inventions. In their general session at 19th Cloud Expo, Harold Hannon, Architect at IBM Bluemix, and Michael O'Neill, Strategic Business Development at Nvidia, discussed the accelerating pace of AI development and how IBM Cloud and NVIDIA are partnering to bring AI capabilities to "every day," on-demand. They also reviewed two "free infrastructure" pr...
Cloud Expo, Inc. has announced today that Aruna Ravichandran, vice president of DevOps Product and Solutions Marketing at CA Technologies, has been named co-conference chair of DevOps at Cloud Expo 2017. The @DevOpsSummit at Cloud Expo New York will take place on June 6-8, 2017, at the Javits Center in New York City, New York, and @DevOpsSummit at Cloud Expo Silicon Valley will take place Oct. 31-Nov. 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Most companies are adopting or evaluating container technology - Docker in particular - to speed up application deployment, drive down cost, ease management and make application delivery more flexible overall. As with most new architectures, this dream takes a lot of work to become a reality. Even when you do get your application componentized enough and packaged properly, there are still challenges for DevOps teams to making the shift to continuous delivery and achieving that reduction in cost ...
The explosion of new web/cloud/IoT-based applications and the data they generate are transforming our world right before our eyes. In this rush to adopt these new technologies, organizations are often ignoring fundamental questions concerning who owns the data and failing to ask for permission to conduct invasive surveillance of their customers. Organizations that are not transparent about how their systems gather data telemetry without offering shared data ownership risk product rejection, regu...
Translating agile methodology into real-world best practices within the modern software factory has driven widespread DevOps adoption, yet much work remains to expand workflows and tooling across the enterprise. As models evolve from pockets of experimentation into wholescale organizational reinvention, practitioners find themselves challenged to incorporate the culture and architecture necessary to support DevOps at scale. In his session at @DevOpsSummit at 20th Cloud Expo, Anand Akela, Senior...
In his keynote at 19th Cloud Expo, Sheng Liang, co-founder and CEO of Rancher Labs, discussed the technological advances and new business opportunities created by the rapid adoption of containers. With the success of Amazon Web Services (AWS) and various open source technologies used to build private clouds, cloud computing has become an essential component of IT strategy. However, users continue to face challenges in implementing clouds, as older technologies evolve and newer ones like Docker c...
SYS-CON Events announced today that Twistlock, the leading provider of cloud container security solutions, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Twistlock is the industry's first enterprise security suite for container security. Twistlock's technology addresses risks on the host and within the application of the container, enabling enterprises to consistently enforce security policies, monitor...
The Internet of Things is clearly many things: data collection and analytics, wearables, Smart Grids and Smart Cities, the Industrial Internet, and more. Cool platforms like Arduino, Raspberry Pi, Intel's Galileo and Edison, and a diverse world of sensors are making the IoT a great toy box for developers in all these areas. In this Power Panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists discussed what things are the most important, which will have the most profound e...