On Monday, June 3 2024, United States District Judge Peter G. Sheridan of the District of New Jersey certified separate settlement classes of consumers and third-party payors, and granted preliminary approval of a class action settlement to resolve antitrust claims against Pfizer Inc., one of two defendants in the case. The other defendant, Ranbaxy Laboratories, has not settled and the case against it remains active.
Pursuant to the settlement, Pfizer will pay $35 million into a settlement escrow. After deducting attorneys’ fees and expenses as may be approved by the Court, the remaining funds will be distributed to class members, resolving litigation against Pfizer that began in 2012. The Court appointed WBE as Co-Lead Counsel for the settlement classes. A hearing on final approval has been scheduled for October 1, 2024.
Plaintiffs in this case alleged that Pfizer and Ranbaxy violated multiple state antitrust laws by entering into a market allocation agreement and otherwise acting to delay the launch of generic Lipitor. Plaintiffs alleged that this conduct extended Pfizer’s monopoly on Lipitor, allowing the company to maintain high prices for the drug, which had been one of the best-selling pharmaceuticals worldwide.