Bayer has reached a tentative settlement with the nationwide class of all third-party payors that had to refund beneficiaries or insureds for purchases of the cholesterol reducer Baycol, a drug the Pittsburgh-based pharmaceuticals giant voluntarily removed from the market in 2001.

According to class counsel, the settlement has been preliminarily approved by Philadelphia Common Pleas Judge Mark I. Bernstein, who had certified the class. A final approval hearing is set to take place in early June.

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