Baxter faces Heparin lawsuits following blood thinner recall
A nationwide heparin recall was issued earlier this year after blood thinner manufactured by Baxter International was found to be linked to a sharp increase in severe allergic-type reactions and deaths. Last week another FDA alert was issued after it was discovered that the tainted heparin may still be in supplies carried at hospitals and medical facilities throughout the United States. Although many companies face potential liability for the contamination, Baxter addressed the heparin lawsuits they face during their annual shareholder’s meeting last week.
>>INFORMATION: Baxter Heparin Lawsuits
At Congressional hearings two weeks ago, Baxter CEO Robert Parkinson testified that the company regretted the heparin contamination happened and that he felt a strong sense of personal responsibility for these circumstances. Although it appears that the heparin sold by Baxter was deliberately tainted by suppliers in China, and multiple companies could be held liable through heparin lawsuits, Baxter is ultimately responsible for ensuring that the product they marketed and sold throughout the United States was safe.
During the annual shareholder’s meeting, a Baxter spokeswoman disclosed that the company will be self-insured for these lawsuits, as they discontinued their liability insurance in May 2007. They also indicated that the company has not yet set any reserves aside to compensate victims who are pursuing heparin lawsuits.
Financial analysts have indicated that even without insurance, the potential liability in these cases is not likely to materially impact Baxter’s financial health, as the heparin problems were “relatively contained.” The company took a charge of $19 million during the first quarter related to the recall, but CEO Parkinson stated that Baxter has not been seriously hurt by the recall of its contaminated heparin.
In related heparin news last week, the FDA issued another alert on Friday after learning that some hospitals, medical facilities and clinics still have the tainted blood thinner among their supplies. Another notice about the recall was sent to hundreds of facilities asking that they double check their supply cabinets, emergency kits and other potential places they may have failed to check following the heparin recall in February 2008.
HEPARIN LAWSUITS
The lawyers at Saiontz, Kirk & Miles, P.A. represent individuals throughout the United States who suffered severe allergic reactions, hypotension or death after receiving the blood thinner. Heparin lawsuits are being reviewed for individuals who experienced possible blood thinner complications. To deermine if you, a friend or family member may qualify for a claim, request a free consultation.
