MADISON, N.J., May 27 /PRNewswire-FirstCall/ -- Wyeth (NYSE: WYE)
announced today that Philadelphia Court of Common Pleas Judge Paul P.
Panepinto has postponed the second, liability phase of the bifurcated (two-
phase) diet drug cases of Margie Paul v. Wyeth and Elaine Karician v. Wyeth
until July 25, 2005. Earlier this week, the jury hearing the first phase of
this trial returned a verdict finding that each of the two plaintiffs, who had
claimed heart valve injury, had been damaged in the amount of $100 million.
Wyeth has moved for a mistrial following the damages verdict and that motion
will also be adjourned until July 25.
"We strongly disagree with the jury's conclusions. The damage awards are
excessive and completely unsupported by the evidence and are inconsistent with
other recent cases in Philadelphia with similar facts and circumstances," said
Lawrence V. Stein, Senior Vice President and General Counsel of Wyeth. "We
are confident that this verdict will not stand."
The jury returned the damages verdict on Tuesday, May 24 and the verdict
was then sealed by the court.
The parties requested that consideration of the motion or the second phase
of the trial be postponed until July 25 to permit Wyeth and attorneys from the
Houston, Texas firms of Blizzard, McCarthy & Nabers and Williams Bailey,
counsel for the plaintiffs, to pursue discussions of a possible resolution of
all of those firms' diet drug cases. These discussions are taking place
within the context of the settlement process that is currently underway with
lawyers representing thousands of plaintiffs nationwide. Should the trial
resume, the jury would be required to determine if Wyeth is liable and
required to pay the damages found in the first phase of the trial.
To view a copy of the Wyeth mistrial motion, visit http://www.wyeth.com
and click on the news & announcements icon.
Wyeth is one of the world's largest research-driven pharmaceutical and
health care products companies. It is a leader in the discovery, development,
manufacturing, and marketing of pharmaceuticals, vaccines, biotechnology
products and nonprescription medicines that improve the quality of life for
people worldwide. The Company's major divisions include Wyeth
Pharmaceuticals, Wyeth Consumer Healthcare and Fort Dodge Animal Health.
SOURCE Wyeth
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Related links:
http://www.wyeth.com
CONTACT:
Media - Douglas Petkus, +1-973-660-5218,
Investors - Justin Victoria, +1-973-660-5340, both of Wyeth,
Chris Garland of Wyeth Pharmaceuticals, +1-484-865-6323
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