Tricor

DEFENDANT NAME: Abbott Laboratories and Fournier Industries
STOCK SYMBOL: NYSE: ABT
CASE NUMBER: 05-360 KAJ
CASE NAME:
COURT: U.S. District Court for the District of Delaware
STATUS: Settled
CLASS PERIOD:
LEAD PLAINTIFF DEADLINE:
DATE FILED: 06/01/05
COURT LOCATION:
KEY ATTORNEYS:
Thomas M. Sobol
RELATED DOCUMENTS:
CONTACT:

In June 2005, HBSS filed an antitrust lawsuit on behalf of a class of consumers and third party payors against pharmaceutical manufacturers Abbott Laboratories and Fournier Industries concerning the brand name cholesterol drug Tricor. HBSS was appointed co-lead class counsel by the Court.

According to the lawsuit, beginning in 2001 defendants manipulated the statutory framework that regulates the market for pharmaceutical drugs by instituting baseless patent litigation against generic manufacturers and switching the dosage strengths and forms of Tricor following approval of generic equivalents. The lawsuit alleges defendants tried to prevent generic substitutes of Tricor from having a meaningful opportunity to enter the market. As a result, consumers and third-party payors, such as self-insured employers, Taft-Hartley benefit funds, and insurance companies were forced to purchase Tricor, the expensive name brand as oppose to a lower-priced generic option.


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10/29/09: Case Settled

Chief Judge Sue Robinson of the District of Delaware approved a $65.7 million recovery for consumers and third party payers who sued Abbott Laboratories and Fournier Industies in an antitrust action concerning the cholesterol drug Tricor.

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