Blogs

Yaz Update from Bayer stockholder’s newsletter

Posted by Sarah Showard | Jan 21, 2013 | 0 Comments

Gavel

The third quarter Bayer stockholder's newsletter provided the following update about the YAZ®, YASMIN®, Ocella™ and Gianvi® liability litigation ongoing in the U.S.:

As of October 15, 2012, the number of lawsuits pending in the United States and served upon Bayer was about 12,400. In addition, about 720 asserted claims were pending that have not been filed in court. The number of claimants in the pending lawsuits and claims totaled about 13,500 (excluding claims already settled). Claimants allege that they have suffered personal injuries, some of them fatal, from the use of Bayer's drospirenone-containing oral contraceptive products such as YASMIN and YAZ, respectively, marketed by Barr Laboratories, Inc., in the United States. As of October 15, 2012, Bayer had reached agreements, without admission of liability, to settle the claims of about 3,490 claimants in the U.S. for a total amount of about $750 million. Bayer is only settling claims in the U.S. for venous clot injuries (deep vein thrombosis or pulmonary embolism) after a case-specific analysis of medical records on a rolling basis. Such injuries are alleged by about 3,800 of the pending unsettled claimants.

The report further states that Bayer has taken appropriate accounting measures for anticipated defense cost and for agreed and anticipated future settlements based on the information currently available and based on the number of pending claims alleging venous clot injuries. Bayer is insured against products liability risk to the extent customary in the industry; however, the accounting measures include an amount in excess of the available insurance coverage. For the accounting measures exceeding the insurance coverage, Bayer recorded expenses totaling about $0.7 billion, which equals approximately $907.4 million in U.S. currency as of 11/26/12, in the second and third quarters of 2012.

About the Author

Sarah Showard

Sarah Showard graduated from the University of Maryland in 1985, Magna Cum Laude with a Bachelor of Arts in English-Linguistics and a Certification in Women's Studies. She then graduated from New York University School of Law in 1988. Sarah began practice initially as an insurance defense attorney, and has been representing plaintiffs since 1990. Sarah has a son, Benjamin, who recently graduated from The Gregory School and will attend ASU in the fall, with future plans to attend law school and eventually join Showard Law Firm. In her spare time Sarah enjoys horseback riding and spending time in Sonoita with her husband Peter.

Comments

There are no comments for this post. Be the first and Add your Comment below.

Leave a Comment

Showard Law Firm-Tucson's Local Law Firm for defective drug & medical device claims.

Showard-law-firm-group-photo

Showard Law Firm is dedicated to compassionate representation for our clients who have been injured by defective products, dangerous drugs or the negligence of any individual or company. We are experienced in litigation and ready to ensure you receive the maximum possible settlement for your injuries, medical bills, mental anguish and other losses.

Showard Law Firm celebrates 10 years

10th-anniversary-showard

2016 marked the 10th anniversary of Showard Law Firm. After 18 years of practice, and a prior ten-year partnership, Sarah Showard and her longtime assistant, Maria De La Rosa, opened the doors of Showard Law Firm in October 2006. Sarah and everyone at Showard Law Firm is proud to serve Southern Arizona as the local law firm for defective drug and medical device claims and personal injury.