First Quarter Comes and Goes Without Final Settlement Figures
NEW YORK, April 5, 2011 /PRNewswire/ -- The latest news on the much publicized Avandia Settlement's is: there is no news. After a Bloomberg report made public last summer that many of the Avandia suits were coming to a settlement range of approximately $86,000.00 per suit, no new news has come into the market. This has left many suffering Avandia plaintiffs with more confusion -and concern- when they will actually get their settlement money.
This has led to many Avandia Plaintiffs to seek lawsuit funding in order to receive some cash to pay bills today, prior to getting their actual settlements. Once industry that tracks the Avandia litigation is the "legal funding industry," where in March one funding company, lawsuitssettlementfunding.com (Legal-Bay LLC), announced a substantial rise in Avandia lawsuit cash advances.
Dave Kole, CEO of Lawsuitssettlementfunding.com, spoke about the recent developments, "most of our clients tell us the same thing, they are frustrated with the process. They are confused because there has been no news in the marketplace about how much they will receive, or worse, when they will actually receive their money. Many of them were notified that they would have answers by the end of the first quarter, but now that we are in April, they simply can't wait any longer. I only expect more and more Avandia Plaintiffs to seek lawsuit funding each day this drags on."
Industry experts believe that the Avandia litigation is getting more complex based on the few articles released of late.
In January GlaxoSmithKline agreed to take a total of a $3.4bil charge on the expected Avandia settlement. This is an increase from the $2.4bil charge announced last summer. The increase raises more questions as to the magnitude of the total settlement; and if Avandia will surpass Vioxx as the largest Pharmaceutical settlement in U.S. History.
Also, in February the Louisiana AG Office sued GlaxoSmithKline for civil fraud involving Avandia. The increase in more litigation involving Avandia –and the subsequent delays- is now only hurting the people most affected by the drug. And that is the Avandia long suffering plaintiffs and their families waiting for their settlement money.
Contact and Source:
CNJ Enterprises LLC
Chris Janish, CEO
Email: [email protected]
SOURCE CNJ Enterprises LLC