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Wyeth diet drug settlement

Executive Summary

Wyeth will evaluate the number of Redux patients that opt into proposed amendment to the class action diet drug settlement agreement before determining whether it needs to take additional legal reserves. The so-called "Seventh Amendment" creates a $1.275 bil. fund for fen/phen patients with less serious medical conditions. The amendment would allow Wyeth to expedite reduced settlements for 40,000 patients, and leave what remains of the original $3.75 bil. trust for fen/phen patients with more serious health problems. Wyeth will make initial payments of up to $50 mil. to begin reviewing claims. Following court approval, the company will make a $400 mil. payment to begin paying claims. Wyeth has taken $16.6 bil. in fen/phen-related charges to date and has $3.26 bil. in reserves...

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