Saturday, June 11, 2005

$690 million

Just in case you need to be reminded how much money moves around in the treatment of mental illness:
Trial lawyers say they agreed to an unusually early settlement with Eli Lilly and Co. on 8,000 claims of damages over the company's top-selling drug Zyprexa, as both sides saw the value of avoiding prolonged litigation that was full of uncertainties.

The $690 million settlement, announced Thursday, came after only five plaintiffs had given depositions in the mass litigation and before any substantive depositions had been taken from Lilly executives or scientists, said one trial attorney, Ramon Rossi Lopez, of Newport Beach, Calif. Also, the first trial from the hundreds of lawsuits was at least six months off.

"A lot of things came into play" to drive the seven months of talks that led to the proposed settlement, Lopez said. But both sides in the high-stakes litigation knew one thing: "There were too many variables out there that could have falsely driven the value of the case" to hurt either side, Lopez said.

Full disclosure: the bulk of my seminary scholarship came from Lilly funds, and I have benefitted from a continuing ed program they underwrote at Lancaster Theological Seminary. In fact, Lilly gave so much money to Emory's Candler School of Theology that we laughingly referred to it as the "Prozac Seminary," and joked that it was only fitting that they should support the program, since so many students were at the shrinks'.

Just in case you were wondering how much money floats around in the study of religion...

At 5:59 PM, Anonymous Anonymous said...

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At 8:05 AM, Anonymous Anonymous said...

And on a lighter note than pure transcribing transcript trial , check out the funniest trial transcript ever! If it's not serious enough of a topic, well, just pretend it's the Brit's version of transcribing transcript trial !


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