Pfizer settles Rezulin law suit

USA-based pharmaceutical giant Pfizer has reached an agreement toresolve a state class action law suit in Illinois, USA, involving subsidiary Warner-Lambert's diabetes drug, Rezulin (troglitazone).

Upon final approval of the agreement, the firm will establish a $60 million settlement fund to finance diabetes research and benefit patients in Illinois who used the drug and can document medical expenses related to the treatment of this debilitating disease, the company said.

"While Pfizer firmly believes this case has no merit and that we would eventually prevail in the courts, we've decided to resolve the matter to eliminate the expense and disruption of litigation that would take several years to work through," said Pfizer's general counsel, Jeff Kindler.