There has been a phenomenal amount of money paid out in recent months by pharmaceutical giant Bayer to settle a massive number of Yaz and Yasmin blood-clotting lawsuits filed by women whose health has been seriously affected by the popular birth control pills.
There are Yaz and Yasmin blood-clotting lawsuits pending in state and federal courts across the country but the largest number of them have been consolidated before a federal judge in Illinois.
One accurate reading of the amount of money Bayer has been forced to compensate Yaz and Yasmin victims is through public financial statements and one key document was Bayer’s stockholder newsletter for the third quarter of 2013.
The massive payoffs were included in the Oct. 31, 2013 posting informing investors about the financial progress of the company, included an update of its legal costs that have climbed to nearly $1.6 billion.
In the third quarter financial report Bayer reported the following details:
“As of October 18, 2013, Bayer had reached agreements, without admission of liability, to settle the claims of approximately 7,660 claimants in the U.S. for a total amount of about US $1.575 billion. Bayer has only been settling claims in the U.S. for venous clot injuries (deep vein thrombosis or pulmonary embolism) after a case-specific analysis of medical records on a rolling basis. Such injuries are alleged by about 2,300 of the pending unsettled claimants. Bayer will continue to consider the option of settling such individual lawsuits in the U.S. on a case-by-case basis.”
Bayer shareholders and Yaz and Yasmin blood-clotting victims undoubtedly will be interested in future financial statements to see how much more money the company is spending to compensate these plaintiffs for the damaging side effects they have suffered.
There is also the possibility that more Yaz and Yasmin blood-clotting lawsuits will be filed in the future by other victims seeking compensation for medical expenses, care, pain and suffering and other costs caused by these life-threatening side effects.