Thank you for sharing!

Your article was successfully shared with the contacts you provided.

In September, when Manhattan federal district court Judge Kimba Wood dismissed a purported class action against Pfizer in which union health and welfare funds claimed misrepresentations involving the cholesterol-lowering drug Lipitor, she gave the plaintiffs an opportunity to re-plead most of the allegations, including their fraud and RICO claims. (Here’s a good analysis of her opinion by Russell Jackson at the Consumer Class Action and Mass Torts blog.) But the plans apparently didn’t hold out much hope that they could impress Wood on the second go-around. On Friday, both sides filed a stipulation indicating that the plaintiffs will drop the case and that Pfizer will not seek attorney fees or costs. The plaintiffs, third-party payors that covered a portion of the cost of Lipitor prescriptions for their members, alleged that Pfizer had misled doctors about the benefits and side effects of the medication. Wood ruled that the allegations in their complaint didn’t meet Iqbal pleading standards. Pfizer’s counsel in the case, Mark Cheffo of Skadden, Arps, Slate, Meagher & Flom, told us that Wood’s ruling called for plaintiffs to show in an amended complaint that they relied on specific alleged misrepresentations. But that would have made it tough for them to argue at the class certification state that class issues predominated, he said. “I think they saw the handwriting on the wall,” Cheffo said. Grant & Eisenhofer, known mostly for its work in securities class actions, took the lead on the case for the plaintiffs. We left a message with partner Stephen Grygiel, but didn’t hear back.

This content has been archived. It is available exclusively through our partner LexisNexis®.

To view this content, please continue to Lexis Advance®.

Not a Lexis Advance® Subscriber? Subscribe Now

Why am I seeing this?

LexisNexis® is now the exclusive third party online distributor of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® customers will be able to access and use ALM's content by subscribing to the LexisNexis® services via Lexis Advance®. This includes content from the National Law Journal®, The American Lawyer®, Law Technology News®, The New York Law Journal® and Corporate Counsel®, as well as ALM's other newspapers, directories, legal treatises, published and unpublished court opinions, and other sources of legal information.

ALM's content plays a significant role in your work and research, and now through this alliance LexisNexis® will bring you access to an even more comprehensive collection of legal content.

For questions call 1-877-256-2472 or contact us at customercare@alm.com


ALM Legal Publication Newsletters

Sign Up Today and Never Miss Another Story.

As part of your digital membership, you can sign up for an unlimited number of a wide range of complimentary newsletters. Visit your My Account page to make your selections. Get the timely legal news and critical analysis you cannot afford to miss. Tailored just for you. In your inbox. Every day.

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.