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AstraZeneca Settles Seroquel Lawsuits for $198 Million

Published on 08/10/2010 -

Drug manufacturer AstraZeneca PLC has paid $198 million dollars to settle multiple US lawsuits regarding the drug Seroquel.

The company has paid this money in order to settle 17,500 lawsuits that allege that Seroquel leads to diabetes in some users. These settlements are the result of court mandated mediation.

AstraZeneca, which is the largest drug manufacturer in the United Kingdom, previously settled 5,500 related cases for $55 million. These lawsuits alleged that the company knew that Seroquel could lead to diabetes and yet did not adequately warn users.

Financial experts say that these payouts should not hurt earnings or the price of AstraZeneca shares. In fact, the company expected the cases to settle for more money than they did.

AstraZeneca purportedly faces 26,000 suits because of Seroquel, making the chances of a global settlement unlikely.

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