Denver Personal Injury Attorneys and Counselors at Law

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« July 2006 | Main | September 2006 »

August 17, 2006

New Legal Setbacks for Merck in Vioxx Trials

A federal jury has awarded $51 million to 62-year old Gerald Barnett, a former FBI agent who suffered a heart attack in 2002. Jurors in New Orleans found that Merck & Co. "knowingly misrepresented or failed to disclose" information about Vioxx to Barnett's doctor, who said that if Merck had disclosed the risks associated with Vioxx earlier, he would not have prescribed it for his patient. Mr. Barnett took Vioxx for a total of 33 months, and reportedly kept taking it after his heart attack, until a few weeks before it was pulled from the market in September 2004.

Merck suffered another legal setback when New Jersey Superior Court Judge Carol Higbee overturned a November verdict which favored the company. Judge Higbee ruled that evidence uncovered since then showed that Merck withheld information showing heart attacks could occur with use of Vioxx for less than 18 months, according to the plaintiff's attorney. Plaintiff Frederick "Mike" Humeston, who had a heart attack in September, 2001, will have a new day in court.

Some legal analysts believe that these developments will put pressure on Merck to consider settling cases. "How long can Merck carry the cost of these verdicts? None of these cases are coming back small," says David Logan, Dean of Roger Williams University School of Law in Bristol, Rhode Island.

Posted by Peter W. Burg at 09:42 PM | Permalink | Comments (0) | TrackBacks (0)

August 13, 2006

Protection from Securities Fraud, Part III

This is the last part in a three part series on avoiding becoming the victim of investment fraud.

Be aware of excessive delays when you request to withdrawal your money from the person or company with whom you are investing. They may give you complicated excuses for why your money is not available for withdrawal. The truth is if you are not invested in a fixed term security, like bonds, there is no real reason you would not be able to receive your funds in a couple days.

Report any suspected investment fraud or abuse at once, delay may hurt your ability to recover some or all of your investment. While many victims of investment fraud may feel scared or a little embarrassed, it is crucial that you report all possible violations to the Securities Board.

Finally, beware of investment fraud known as a "reload scheme." Con artists use the panic following investment losses to strike against investors. They develop schemes that promise high returns to victims who hope to recoup their investment losses. Always be wary of the promise of a high return with low risk. Again, always be wary of the promise of a high return with low risk. This is a bright red warning for all investors.

These steps will help defend consumers against investment fraud. When investing remember these tips and you will avoid being an easy target of con artist's attacks.

Posted by Kerry N. Jardine at 10:22 PM | Permalink | Comments (0) | TrackBacks (0)

August 11, 2006

Protection from Securities Fraud, Part II

This is the second part in a three part posting regarding tactics and warnings for investors to protect themselves against the prevalent crime of investment fraud.

If you are new to the investment arena, exercise special caution. Often investment fraud occurs because a salesperson intimates or overwhelms a person with complex financial jargon and complicated explanations. Be sure to ask many questions and seek clarification in everyday language.

Investment fraud con artists prey upon the elderly members of our community, especially elderly women. If you are approached about a possible investment opportunity, always make sure to get the advice from family, relatives, friends or caretakers. Getting a second opinion never hurts and will always help investors make sure they are not taken advantage of. If you care for an elderly person make sure they are well informed about the warning signs of investment fraud.

After you decide to make an investment, be sure actively scrutinize your investment's activity. Demand written reports and look for excessive and unauthorized trading in your account. Be on the look out for signs of fraud. If you see something troubling and do not receive adequate answers file a complaint with the Securities board.

Posted by Kerry N. Jardine at 10:19 PM | Permalink | Comments (0) | TrackBacks (0)

August 09, 2006

Protection from Securities Fraud, Part 1

The Securities Commissioner for the State of Texas provides 10 tips to help consumers prevent investment fraud and avoid becoming victims of this all-to-common crime. I found the advice is a good reminder to all of us on common sense investing. Continue reading for the first of three posts on wise investing.

Would-be investors should thoroughly investigate a possible investment and the salesperson and/or company offering the investment before giving them any money. The Internet or your local government has tools and resources to ensure that your investment company is legitimate.

If you are uncomfortable, or feel uneasy about an investment, do not let the good manners and slick language of a salesperson influence you into making a poor decision.

There are plenty of great investments available to the wise and deliberate investor.

Posted by Kerry N. Jardine at 10:17 PM | Permalink | Comments (0) | TrackBacks (0)

August 05, 2006

Northwest Flight Attendants Threaten Strike

The AP reports that flight attendants with Northwest will begin unannounced strikes on August 15 at 9:01 p.m. CDT if Northwest does not stop the imposition of a new contract on employees. Questions remain about the legality of such a strike.

Airline law and bankruptcy code may be challenged in court as Northwest 2005 bankruptcy allows new contracts to be established. They believe that not only do they have the right to impose the contract, but also according to the Railway Labor Act (RLA) it is illegal for employees to strike in opposition to that contract. Northwest worker's union believes that they cannot be compelled to work under a contract with which they disagree.

The Railway Labor Act (RLA) is a federal law passed in 1926 that strove to replace strikes in the railway and airline industry with arbitration and mediation. The RLA prohibits strikes for almost all minor disputes and allows for strikes over major disputes only when RLA's negotiation and mediation procedure is fulfilled.

A professor of law with the University of Chicago, Douglas Baird, believes that Northwest is taking the best parts of both the bankruptcy law and the airline code in order to force employees to work under terms they may not agree. Baird believes that Northwest does not have the right to require employees to work under certain terms in this a free country.

Posted by Diane V. Smith at 09:28 PM | Permalink | Comments (0) | TrackBacks (0)

August 03, 2006

Lipitor: Pfizer Patent May Be Cut Short

According to Reuters, a federal appeals court may cut short the patent expiration date for Pfizer's blockbuster drug, Lipitor. The U.S. Appeals Court cancelled one of the two patents in the case, which may result in Lipitor's patent expiration date moving up from June 2011 to March 2010.

A brand name drug will usually lose 80% of the market when generic drugs become available. Pfizer stands to lose billions of dollars as Lipitor's sales have reached $12 billion USD annually, making it the world's biggest selling drug.

Posted by Seth A. Katz at 09:08 PM | Permalink | Comments (0) | TrackBacks (0)

August 02, 2006

Securities Fraud in Seattle

The Seattle Times reports that according to a Senate report, the Quellos Group, a large investment firm based in Seattle, used false securities arrangements with offshore corporations to protect rich clients from taxes by sheltering $2 billion in capital gains. Government investigators believe that these actions may have cost the U.S. Treasury over $300 million USD.

Quellos, established in 1994, is a giant in the hedge funds business. They specialize complex investment tactics such as the "funds of hedge funds" which allowing investors to use a single investment to buy into many hedge funds. Their main clientele includes large corporations and vastly wealthy individuals.

Posted by Kerry N. Jardine at 09:04 PM | Permalink | Comments (0) | TrackBacks (0)

FDA Reports Eli Lilly Used Misleading Marketing

The FDA accused Eli Lilly and Co. of "misleading" marketing, issued a formal warning letter, and asked them to stop publishing and distributing a brochure about the drug Alimta. If Lilly does not resolve the issue the FDA may decide to impose various penalties on the company. Federal officials reported that Lilly "omits material facts and risk information essential to the safe and effective use" of Alimta. Physicians prescribe this drug to treat mesothelioma and some forms of lung cancer.

Posted by Peter W. Burg at 08:53 PM | Permalink | Comments (0) | TrackBacks (0)

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