Pfizer To Settle Celebrex, Bextra Suits For $894M

By Christine Caulfield

Law360, New York (October 17, 2008, 12:00 AM ET) -- Drugmaker Pfizer Inc. has agreed to pay $894 million to settle the bulk of product liability, consumer fraud and state attorney general lawsuits filed against it over anti-inflammatory drugs Celebrex and Bextra.

The pharmaceutical giant announced Friday it had reached agreements in principle to resolve substantially all of the cases, which started piling up across the U.S. after a ruling by the U.S. Food and Drug Administration in February 2005 that the drugs led to an increased risk of heart damage.

“We are pleased by the...
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