Fen-Phen Settlement Wins Final Approval
American Home Products Corp.’s $3.75-billion settlement of lawsuits over the withdrawn fen-phen diet drug combination won final approval after the deadline for filing legal appeals expired, company officials said.
The U.S. 3rd Circuit Court of Appeals in May approved the settlement, which includes $1 billion for future medical checkups of fen-phen users and an additional $2.34 billion to settle individual suits.
Consumers and health providers had until last week to ask the U.S. Supreme Court to review the agreement. No requests were filed, AHP said.
Final approval of the settlement starts a 16-month period in which a new wave of suits can be filed by fen-phen users who opted out of the settlement.
Shares of Madison, N.J.-based AHP rose 60 cents to $61.82 on the NYSE.
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