McNeer, Highland, McMunn & Varner issued the following announcement on March 26.
The sellers of the blood thinner Xarelto have agreed to pay $775 million to settle about 25,000 lawsuits claiming the companies failed to warn the drug can cause potentially fatal bleeding.
Johnson & Johnson and Bayer agreed to the settlement Monday, report the New York Times, the Wall Street Journal, Reuters and USA Today. They each will pay half.
The companies did not admit liability, and they had won six cases that went to trial. A new antidote approved by the Food and Drug Administration last year can help stop bleeding in Xarelto patients.
Johnson & Johnson’s pharmaceutical division, Janssen, said in a statement it was settling because of the time and resources needed for litigation. “What’s the bottom line? We stand behind Xarelto and are eager and excited to move forward,” the statement said.
Bayer also released a statement saying it remains committed to patients who have been prescribed Xarelto.
The Wall Street Journal noted that Bayer is fighting claims over its Roundup weed killer, and Johnson & Johnson is facing claims over its baby powder.
Original source can be found here.