Lilly, 3rd-Party Payors Reach $4.5M Deal In Zyprexa Case

By Erin Fuchs (January 12, 2012, 7:28 PM EST) -- Eli Lilly & Co. secured approval Thursday of a $4.5 million settlement of claims brought by an insurer and five union health funds claiming they overpaid for the blockbuster antipsychotic drug Zyprexa because Lilly didn't reveal its adverse side effects.

U.S. District Judge Jack Weinstein approved the $4.5 million deal at a hearing in New York federal court Thursday, according to Lilly, which said that the settlement amount represented just a fraction of the estimated damages that the third-party payors had sought.

The third-party payor litigation was one of dozens of cases in multidistrict litigation alleging Lilly failed to reveal harmful...

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