$11 Million Settlement Reached in Lawsuit Involving the Heart Medication, Toprol XL®, and its generic equivalent, metoprolol succinate
WILMINGTON, Del., Nov. 8, 2012 /PRNewswire-USNewswire/ -- The following is being issued by the law firms of Kessler Topaz Meltzer & Check LLP, Fine, Kaplan and Black R.P.C., and Pomerantz Grossman Hufford Dahlstrom & Gross LLP.
A Settlement has been reached in a class action lawsuit involving the heart medication, Toprol XL®, and its generic equivalent, metoprolol succinate. Defendants AstraZeneca AB, AstraZeneca LP, AstraZeneca Pharmaceuticals LP, and Aktiebolaget Hassle will pay up to $11 million. Approximately half of the Settlement fund will be used to pay consumer claims and the other half will be used to pay insurers and employee welfare benefit plans claims. Claims will be paid after the payment of any fees and expenses.
The lawsuit claims that manufacturers violated antitrust and consumer protection laws by keeping lower cost generic versions of Toprol XL® off the market. The defendants deny these claims. No one is claiming that Toprol XL® or its generic are unsafe or ineffective.
Class Members include consumers and third party payors that purchased, paid for and/or reimbursed others for Toprol XL® or its generic equivalent any time from May 5, 2005 to September 27, 2012. Third party payors include insurers and employee welfare benefit plans. Purchases made directly from the manufacturers are not included in this Settlement.
Payments will be based on the total number of valid claims filed (that is, how much consumers and third party payors paid for Toprol XL® or its generic and when they paid for it). More details are available in the Plan of Allocation, which is available at www.ToprolSettlement.com or by calling 1-877-854-3273.
Consumers and third party payors must submit a Claim Form to receive a payment. The Claim Form, and instructions on how to submit it, is available at www.ToprolSettlement.com. The deadline to submit a Claim Form is April 1, 2013.
Class Member rights will be affected if they do nothing. Class Members that do not want to be legally bound by the Settlement must exclude themselves from the Settlement by January 18, 2013. Class Members that do not exclude themselves will not be able to sue for any claim relating to the lawsuit. Class Members that stay in the Settlement may object to it by January 18, 2013.
The Court will hold a hearing on March 7, 2013 to consider whether to approve the Settlement and a request for attorneys' fees up to $3.5 million, reimbursement of costs, and incentive awards. Class Members can appear at the hearing, but they do not have to. Class Members can hire their own attorney, at their own expense, to appear or speak for them at the hearing.
SOURCE Kessler Topaz Meltzer & Check LLP, Fine, Kaplan and Black R.P.C., and Pomerantz Grossman Hufford Dahlstrom & Gross LLP