Huge Glaxo pay out…

Latest news from Bloomberg in America:

GlaxoSmithKline Plc., the world’s second-largest drugmaker, should pay $63.8 million to settle claims it provided misleading information about giving the company’s Paxil antidepressant to minors, a state judge ruled.

In a preliminary ruling, Judge Ralph Mendelsohn in Edwardsville, Illinois, gave initial approval to a revised settlement of a class-action lawsuit against London-based Glaxo that he had originally approved last October.

That’s a HUGE payout… but once again it wasn’t Glaxo’s fault:

“The settlement was agreed upon to resolve the pending litigation and avoid further expenses,” Glaxo spokeswoman Mary Anne Rhyne said. “There was no liability admission.”

No of course there was no liability on Glaxo’s part, Mary-Anne. I quite understand.

However, might I ask if the people that take Glaxo’s money will have to sign a confidentiality agreement of any sort before they are paid out?

Anyone see a pattern forming here ?

3 Responses to “Huge Glaxo pay out…”

  1. Bob Fiddaman Says:

    “The settlement was agreed upon to resolve the pending litigation and avoid further expenses,”

    Spin of all spins

    Fid

  2. Matthew Holford Says:

    Not much, though, is it – one should look at this in context of the GBP6 billion a year profit the Company makes? Given that the penalty for withholding trials data in the UK is two years, or a fine, I reckon (seeing as one can’t imprison a company) that the fine should be two years’ profits. On each count, obviously. Seem fair to me.

    Matt

  3. truthman30 Says:

    “The settlement was agreed upon to resolve the pending litigation and avoid further expenses,”

    I’m beginning to think that Mary Anne Rhyne and Alastair Benbow are actually Robots…

    They spin rhetoric and statements like robotic propagandaists of a fascist state…

    Maybe Glaxo has them on a “hypnotic” drug like Seroxat…


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