Product Liability Attorney Blog

Despite requests from congressional investigators, the U.S. Food and Drug Administration refused to turn over a list of Chinese heparin suppliers, the Wall Street Journal reports.

The request was made as part of a House subcommittee probe into the circumstances surrounding more than 81 deaths in the U.S. linked to contaminated heparin. The FDA refused to identify the Chinese suppliers, claiming that a confidentiality agreement bars them from releasing the information.

Continue reading "FDA Keeps List of Chinese Heparin Suppliers a Secret " »

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Today’s issue of the Baltimore Sun reveals what it is like to be a patient the end of the contaminated heparin supply chain.

In “Drug safety crisis hits home,” Claire Panosian Dunavan relates her cousin’s recent experience after she received heparin in a U.S. hospital. The cousin, Laura, was rushed to the emergency room after a dangerous blood clot known as a deep vein thrombosis, a serious condition that can cause death, was discovered. To counteract the clot, she was given the blood thinner heparin.

Dunavan writes:

“As soon as a nurse started her anticoagulant drip, Laura thought she was dying.

‘I never felt so terrible in my life,’ she later recalled. Sweaty and breathless, her chest and bowels heaving, she pressed her call button and yelled for help.’”

Continue reading "The Impact of Tainted Heparin" »

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FOR IMMEDIATE RELEASE
FRIDAY, MAY 9, 2008
CONTACT: JOSEPH P. DANIS
MICHAEL J. FLANNERY
COREY D. SULLIVAN
Phone: 1-800-721-2519

NEWS RELEASE

May 9, 2008

St. Louis, MO – The law firm of Carey & Danis LLC has filed a class action lawsuit on behalf of persons who purchased auction rate securities from UBS AG (NYSE: UBS), UBS Securities LLC and UBS Financial Services Inc. between May 8, 2003 and Feb. 13, 2008 and who continued to hold the securities as of Feb. 13, 2008.

The class action lawsuit, Bonnist v. UBS AG, et al., 08 CIV 4352, is pending in the U.S. District Court for the Southern District of New York. The suit alleges that UBS AG and its subsidiaries UBS Securities and UBS Financial Services violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by deceiving investors about the investment characteristics of auction rate securities and the auction market in which the securities are traded.

Continue reading "Carey & Danis LLC Announces Auction Rate Securities Class Action Lawsuit Filed Against UBS (NYSE: UBS)." »

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The attorneys at Carey & Danis are looking into claims that chocolate manufacturers sweetened their bottom lines by engaging in a price-fixing scheme that may have unfairly increased costs for wholesalers, retailers, the corner candy store and consumers.

Last November, Canada’s Competition Bureau searched the offices of several candy makers as part of a pricing probe. Search-warrant affidavits submitted by Canadian investigators alleged that top executives of the Hershey Co., Mars and Nestlé met in coffee shops and restaurants and at conventions to set prices.

In February, the German Federal Cartel Office raided the offices of seven chocolate makers, many of the same ones already under investigation in Canada.

While the U.S. Department of Justice has not confirmed that it has started an investigation, several companies have admitted that they have been contacted by federal investigators.

Continue reading "Chocolate Makers Face Price-Fixing Allegations" »

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In last Sunday’s New York Times, columnist Gretchen Morgenson compared the current auction-rate securities market to a hostage crisis. She wrote:

“Some $300 billion worth of investors’ funds – advertised as being as easy as pie to cash in – are still locked up. And brokerage firms that got investors into this mess are doing little to help.”

The article, “How to Clear a Road to Redemption,” notes that even as investors face a financial meltdown due to the frozen markets, broker-dealers are still gorging themselves at the fee trough. That’s because the broker-dealers who agreed to run the auctions still earn fees even though 70 percent of the weekly auctions are failing.

Continue reading "Auction-Rate Securities Investors Held Hostage" »

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During last Friday’s annual shareholder meeting, Bayer AG’s chief executive officer Werner Wenning announced that the drugmaker faces 78 lawsuits in the United States over the anti-bleeding drug Trasylol.

According to a Reuters news story, Wenning also stated that the company would vigorously defend the suits.

Continue reading "Bayer Faces 78 Trasylol Suits " »

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The Associated Press reported yesterday that eight lawsuits have been filed against Bayer AG over the controversial blood-clotting drug Trasylol.

The suits were filed in Florida federal court by attorneys with the St. Louis-based law firms Carey & Danis and The Lowe Law Firm. Brought on behalf of Trasylol (aprotinin) victims and their families, the suits allege that Bayer sold an unsafe drug and failed to warn of the risks associated with its use.

Continue reading "Bayer Sued Over Anti-Bleeding Drug" »

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NEWS RELEASE

April 22, 2008

St. Louis – Eight lawsuits have been filed in a federal court in West Palm Beach, Fla., against Bayer AG, the maker of the anti-bleeding drug Trasylol.

The lawsuits were filed April 17 on behalf of alleged Trasylol victims and their families for injuries and deaths that occurred in California, Georgia, Indiana, Florida, Missouri, New Mexico and Wisconsin between 2000 and 2007. Specifically, the suits allege that:

Continue reading "Eight lawsuits filed against the maker of Trasylol" »

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Earlier this week, New York Attorney General Andrew Cuomo subpoenaed some of Wall Street’s biggest financial institutions including UBS, Merrill Lynch and Goldman Sachs as part of an investigation into auction-rate securities.

The Wall Street Journal reports that the attorney general’s office is “devoting a lot of resources” to the probe which will include a review of the claims the broker-dealers made about the securities such as whether they were cheap and easily sold investments.

Continue reading "New York Launches Auction-Rate Securities Probe" »

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Were big Wall Street firms bailed out of the auction-rate securities market on the backs of individual investors? That’s the question raised in an article that appeared in the New York Times on April 13.

In mid-February, the auctions for the investment instruments failed. That meant investors were unable to sell their securities. To this day, auction-rate securities investors find themselves owning frozen assets.

Continue reading "Individuals Urged to Buy Auction-Rate Securities as Wall Street Fled Market" »

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An investigation into the practices used by broker-dealer firms to sell auction-rate securities has been launched by Robin Carnahan, Missouri’s Secretary of State.

The announcement was made late last week after the secretary of state’s office received several complaints from investors who were unable to access their money.

Continue reading "Missouri Secretary of State Launches Auction-Rate Securities Investigation" »

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As the number of investors who claim they were misled into buying auction-rate securities intensifies, so, too, does the examination of the industry by regulators.

According to the Wall Street Journal, the Securities and Exchange Commission and the Financial Industry Regulatory Authority are working together as they examine claims that broker-dealers misled investors into believing the instruments were as safe as cash.

Continue reading "Regulators Probe Auction-Rate Securities" »

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