In September, 2004, pharmaceutical giant Merck voluntarily withdrew its painkilling medication Vioxx from the market. Studies show that Vioxx increases the risk of heart attack and stroke among patients who have used the drug for longer than 18 months. Vioxx, a drug from a family of Non-steroidal anti-inflammatory drugs known as COX-2 inhibitors, is one of only a few drugs specifically designed to minimize inflammation while avoiding the stomach disorders long associated with other anti-inflammatory medications. Since its introduction in 1999, Vioxx has been a huge success, and sales of the drug worldwide topped $2.5 billion in 2003. That is certainly a great deal of money, but it pales when compared to the amount that Merck stands to lose through product liability lawsuits, which will soon come to court. As of this writing, several thousand lawsuits have been filed nationally, but attorneys estimate that the total number of lawsuits filed could reach a staggering 100,000.
One hundred thousand lawsuits is certainly a formidable number, but that figure could represent only half of the number of lawsuits related to COX-2 inhibitors. Earlier this year, Pfizer voluntarily withdrew its similar medication Bextra from the market, as studies linked the use of Bextra to increased heart attack risk and to a rare skin disorder known as Stevens-Johnson Syndrome. Bextra, another drug in the family of COX-2 inhibitors, works very similarly to Vioxx, and many patients who formerly took Vioxx switched to Bextra after the former was removed from the market last fall. Given that sales of Bextra rose to near Vioxx levels before it was removed from the market, it seems likely that the number of lawsuits filed by patients who claim to have been harmed by their use of Bextra could eventually equal the number of Vioxx lawsuits.
Two hundred thousand is a staggering number of lawsuits, and unless they are consolidated into just a few class-action suits, they could keep our courts working on little else for the next decade. Patients who believe that they may have been harmed through the use of either Bextra or Vioxx would be well advised to contact an attorney who specializes in pharmaceutical lawsuits now. The wait for a resolution in court , particularly for Vioxx lawsuits, could be a very long one. Those who file quickly may get the fastest results.
Home Loans – Identity Theft Protection Could Hurt Home Sales
Identity theft has been a hot topic in the news during the last few years. Just a month or so ago, forty million credit card numbers were compromised due to a computer attack on a credit card processor. Consumers are rightly concerned, as it can take years to unravel the problems created when someone’s identity is stolen. New legislation in Texas and California, also proposed elsewhere, is designed to protect consumers by letting them put a “freeze” on their credit reports. Those in the real estate industry are worried, however, that doing so may make it difficult for some people to buy homes.
Debt Consolidation – How to Protect Your Credit Accounts from Theft
Last week, a security exploit at CardSystems Solutions, Inc, a credit card processor, may have allowed thieves to obtain as many as 40 million credit card numbers from unsuspecting victims. The theft was brought about though a virus introduced into the CardSystems that allowed external hackers to obtain access to the account information. Adding to the problem was the fact that CardSystems wasn’t supposed to have the account information at all. It appears that CardSystems “inappropriately” held onto the information after clearing the credit card transactions. At that point, the account information should have been deleted. CardSystems held onto the account information for supposed “research purposes.” Fortunately for those involved, the compromised information only included account numbers and not Social Security numbers, which would have assisted the thieves in identity theft scams. This latest security breach at a credit card processor outlines how anyone can be vulnerable to account or even identity theft. Is there anything that can be done about it?
New Bankruptcy Law – Targeting the Wrong People?
Last April, President Bush enthusiastically signed into law the oddly-named Bankruptcy Abuse and Consumer Protection Act. This bill, representing the biggest overhaul of bankruptcy law in twenty-five years, was written in order to discourage “bankruptcy of convenience.” Proponents of the bill, which included the credit card industry, say that the bill is necessary in order to stop an avalanche of bankruptcy filings by drug users and compulsive shoppers and gamblers. The law makes it harder to have debts wiped away, requires credit counseling for those considering bankruptcy, and holds attorneys responsible for paperwork errors by their clients in bankruptcy cases. The net result will probably be chaos, as fewer attorneys will handle bankruptcy cases, credit counselors will raise their fees, and more consumers with problem debt will be clueless as to what they should do next. Adding to the confusion are some new statistics that suggest that a large number of bankruptcies that are thought to be personal are actually business bankruptcies. As a result, the new law may be unfairly targeting consumers for punishment when they are not actually the biggest part of the problem. Worse, it could be harming small businesses.
