- 2001: GSK receives an FDA reprimand letter regarding false and misleading comments made by sales representatives about Avandia to an undercover investigator.
- 2005: GSK's draft analysis of Avandia clinical data indicates heart risks. The company modifies Avandia labels, but the warnings are not prominently displayed and do not adequately convey potential health hazards.
- 2007: The New England Journal of Medicine reports that Avandia users face a 43 percent higher risk of heart attack or other cardiovascular events and over 60% increase in the risk of cardiovascular death. Avandia profits in 2007 are $3.2 billion.
- 2007: Congressional hearings review when information about Avandia heart attack risks was available and why it was not disclosed to the public earlier. The FDA mandates a black box warning about Avandia heart attack risks.
- 2008: An FDA report implicates Avandia in an estimated 83,000 heart attacks.
- September 2010: Avandia is banned in several European countries but remains on the US market.
- 2010: GSK pays a $2.36 billion charge to settle 10,000 of 13,000 Avandia US civil lawsuits, investigations over its antidepressant Paxil, and manufacturing problems in its Puerto Rico plant.
- November 2011: GSK agrees to pay the US government $3 billion to resolve civil and criminal investigations alleging that the company had paid doctors and manipulated medical research to promote Avandia. A mediator is appointed to resolve the bulk of the pending MDL cases.
- January 2012: A committee of eight Avandia plaintiffs' attorneys is charged with drafting the fee allocation plan for 58 lawyers and firms, with the total amount to be distributed set at 6.25 percent of the total settlement.
- July 2012: GSK pleads guilty to withholding safety data on Avandia.
- November 2012: GSK agrees to pay $90 million to settle the claims of 37 states and the District of Columbia.
- November 2012: The committee submits its fee-sharing agreement which is disputed by nine attorneys. Bruce P. Merenstein is appointed as special master.
- January 22, 2013: A modified plan, agreed to by the nine objectors, is filed in PA federal court.
With Resolution Of Fee-Sharing Dispute, Settlement Funding Is Now Available To Avandia Plaintiffs' Attorneys
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts
More than 30 investing pros with skin in the game give you actionable insight and investment ideas.