Thirty states have reached an $8 million settlement with Bayer Corp. over allegations the drug maker failed to adequately warn consumers about risks associated with a cholesterol-reducing drug.

The company allegedly learned after introducing Baycol in the U.S. in February 1998 that the drug posed significantly greater health risks than other similar drugs, particularly when taken in higher doses or in combination with another cholesterol-lowering drug, Pennsylvania Attorney General Tom Corbett said in a statement Tuesday.