January 7, 2003
Sean Caine, 410-576-6357
ANNOUNCES AGREEMENT ON FINANCIAL TERMS
OF SETTLEMENTS OF SUITS AGAINST MAKER OF
ANTI-CANCER AND ANTI-ANXIETY DRUGS
General J. Joseph Curran, Jr., announced today that Maryland and
other States have reached agreement regarding the financial terms
that will facilitate the settlement of two major antitrust cases
brought against Bristol-Myers Squibb Co. The states participating
in this litigation expect to receive in excess of $155 million when
these cases are ultimately settled.
first case is the federal antitrust lawsuit involving the anti-cancer
drug Taxol brought against Bristol-Myers Squibb Co. by 38 states,
the District of Columbia and three territories. The parties have
reached an understanding on the financial element of a negotiated
resolution under which Bristol-Myers would pay $55 million in settlement
of the states' claims for damages, penalties and individual consumer
redress. This financial resolution is contingent on the parties'
reaching agreement on other settlement terms, including injunctive
second federal antitrust lawsuit brought by the states against Bristol-Myers
involves the anti-anxiety drug BuSpar. Bristol and 35 states, the
District of Columbia and Puerto Rico, have reached an understanding
on the financial element of a negotiated resolution under which
the companies would pay $100 million in settlement of the states'
claims for damages, penalties and individual consumer redress. This
financial resolution is contingent on the parties' reaching agreement
on other settlement terms, including appropriate injunctive relief.
parties are continuing to negotiate other terms to determine whether
the cases can be settled by agreement without further litigation.
S. Cooper, chief of the Maryland Attorney General's Antitrust Division,
stated "This is a major step toward successful resolution of
these two cases. We are optimistic about the progress of our settlement
negotiations to date."