Jump to content

OSI Pharmaceuticals to Settle Lawsuit on Tarceva


gpawelski

Recommended Posts

OSI Pharmaceuticals Inc. expects to pay $500,000 to settle a class-action lawsuit related to its Tarceva lung-cancer drug.

OSI's full preliminary settlement amount is $9 million, but its insurer is covering the remainder of the amount. Terms of the settlement are subject to court approval.

The settlement stems from a lawsuit filed in December 2004 alleging that OSI had made false and misleading statements about Tarceva's potential to increase survival from lung cancer.

Under terms of the agreement, the lawsuit will be dismissed with prejudice and without OSI or its executives admitting any liability.

http://www.forbes.com:80/feeds/ap/2008/ ... 75891.html

This lawsuit was brought on by shareholders:

http://www.lawcash.com:80/attorney/4115 ... awsuit.asp

Link to comment
Share on other sites

  • 1 month later...

Doctors Buying Illegally Imported Cancer Drugs Putting Patients At Risk

April 28, 2008

A whistleblower lawsuit has exposed an illegal scheme where doctors have purchased illegally imported cancer drugs as a way to cut their costs and boost their income. In doing so, the doctors risked the effectiveness of their cancer patients' treatment and defrauded the Medicare program.

In the first settlement of its kind, an oncologist in Flushing, N.Y., Dr. Kee Y. Shum, has agreed to pay $275,000 to the federal government to settle allegations against him that are part of the "qui tam" (whistleblower) lawsuit, the whistleblower's lawyers and the U.S. Attorney's Office for the Eastern District of New York announced today.

"By participating in this scheme, doctors risked the health and safety of their patients with cancer by buying drugs that may have been counterfeit or contaminated," said Colette G. Matzzie, a Washington, DC, attorney with Phillips & Cohen LLP, which represents the whistleblower.

Doctors could purchase the illegally imported drugs for less than what they would have paid for oncology drugs purchased legally and profited off the "spread" between the two prices when they sought reimbursement from Medicare.

The doctors couldn't verify the country of origin of the drugs, and there were no controls on the drugs to ensure they were effective and to ensure they weren't counterfeit or contaminated.

"Assistant U.S. attorneys Paul Kaufman and Deborah Zwaney have done a tremendous job investigating and pursuing these illegal drug importations that could harm cancer patients," attorney Matzzie said. "We hope that the settlement with Dr. Shum is the first of many enforcement actions taken against doctors who illegally import oncology drugs."

http://www.reuters.com/article/pressRel ... RN20080424

Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Restore formatting

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.