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 " »
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.
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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:
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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.
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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 " »
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.
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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.
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The federal lawsuits filed against Bayer AG over the anti-bleeding drug Trasylol have been consolidated and transferred to a Miami federal court.
On April 7, the transfer order was issued by the United States Judicial Panel on Multidistrict Litigation. Because of the national scope of the litigation, the common factual questions regarding the drug’s safety profile, and the similar questions raised over the adequacy of the warnings provided by Bayer, the panel concluded that consolidation was appropriate.
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When investors were recently blocked from withdrawing their auction-rate securities money, many claimed they were misled by their broker-dealers into believing the instruments were as safe as cash. But it wasn’t the first time that the market had come under scrutiny for misleading investors.
On May 31, 2006, the Securities and Exchange Commission filed an administrative proceeding against 15 broker-dealers alleging that their practices in the auction-rate securities market violated securities law.
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Investors who were assured that the auction-rate securities they purchased were as safe as cash recently learned that the promise wasn’t one that they could take to the bank.
That’s because the banks that sold the investments – Morgan Stanley & Co., Goldman Sachs, Lehman Brothers, Merrill Lynch, Citigroup and UBS – now won’t let investors withdraw their investment money. Some wonder whether they will ever get their money back.
Continue reading " Investors Jolted by Auction-Rate Securities Freeze " »
Wyeth and Pfizer Inc. must pay nearly $30 million to a woman who claimed her breast cancer was linked to the hormone replacement drugs they made, an Arkansas jury said.
Federal jurors in Little Rock concluded that Arkansas resident Donna Scroggins was entitled to $2.75 million in compensatory damages and $27.1 million in punitive damages, Bloomberg News reports.
Continue reading " Drugmakers Ordered to Pay Nearly $30M to Breast Cancer Victim " »
