GSK Settles 10,000 Avandia Cases For $460M

Law360, New York (July 15, 2010, 10:36 AM EDT) -- GlaxoSmithKline PLC has agreed to shell out $460 million to settle approximately 10,000 product liability suits over the drugmaker's diabetes drug Avandia, as federal regulators convene to determine the fate of the controversial pill.

While the settlement resolves the majority of claims — at an average price of $46,000 apiece — 3,000 cases remain outstanding, Bloomberg News reported Tuesday, citing sources familiar with the agreement.

GSK spokeswoman Mary Anne Rhyne refused to either confirm or deny the deal. Attorneys representing plaintiffs in a multidistrict litigation consolidated...
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