Chicago– A new $2.25 million settlement has been reached in a class-action lawsuit involving Teva Pharmaceuticals USA, Inc. and Teva Pharmaceutical Industries Ltd. over allegations of anticompetitive conduct related to the antidepressant Effexor XR® and its generic versions.
The settlement, announced Friday by the law firm Carella, Byrne, Cecchi, Brody & Agnello, P.C., comes after plaintiffs accused Teva and Wyeth (now part of Pfizer) of unlawfully delaying the introduction of lower-cost generic versions of Effexor XR®, resulting in higher costs for consumers and third-party payors.
The lawsuit claims that Teva and Wyeth engaged in conduct that kept generic alternatives off the market longer than legally permissible, forcing purchasers to pay inflated prices. Both companies deny any wrongdoing or liability. The settlement resolves claims against Teva; a separate $25.5 million settlement with Wyeth was previously approved by the court.
Eligible class members include individuals and entities who purchased, paid for, or reimbursed the cost of brand-name or generic Effexor XR®. Those affected may be entitled to a portion of the settlement fund, pending final court approval.
Attorneys from multiple firms collaborated on the case, including Wexler Boley & Elgersma LLP, Spector Roseman & Kodroff, P.C., Miller Law LLC, Motley Rice LLC, Quantum Legal LLC, and The Dugan Law Firm, PLC.
The case does not challenge the safety or effectiveness of Effexor XR®.
