Market Snapshot
  • U.S.
  • Europe
  • Asia
Ticker Volume Price Price Delta
DJIA 15,303.10 +8.60 0.06%
S&P 500 1,649.60 -0.91 -0.06%
Nasdaq 3,459.14 -0.27 -0.01%
Ticker Volume Price Price Delta
STOXX 50 2,764.29 -12.49 -0.45%
FTSE 100 6,654.34 -42.45 -0.63%
DAX 8,305.32 -46.66 -0.56%
Ticker Volume Price Price Delta
Nikkei 14,612.50 +128.47 0.89%
Hang Seng 22,618.70 -51.01 -0.23%
S&P/ASX 200 4,983.50 -78.95 -1.56%

Pfizer Settles First Chantix Suicide Case Set for Trial

Pfizer Inc. (PFE) reached a confidential settlement with the widow of a Minnesota man who killed himself after taking its anti-smoking drug Chantix, averting a trial set to begin next week.

The widow of Mark Alan Whitely sued Pfizer after his death in November 2007, alleging the company failed to sufficiently warn that Chantix could increase the risk of suicide. The Whitely lawsuit was the first of more than 2,500 Chantix cases pending in federal court in Alabama set for trial, according to court records.

“We can confirm that we have settled this case,” Chris Loder, a Pfizer spokesman, said in an e-mailed statement today. “Terms are confidential.”

The settlement comes after Pfizer appealed U.S. District Judge Inge Johnson’s order that its Chief Executive Officer Ian Read and two other executives testify in person at the Whitely trial. Read and the other executives dropped the appeal yesterday as moot, or unnecessary, because a settlement had been reached, according to court records.

“Mr. Whitely’s family is happy with the settlement,” Ernest Cory, a Birmingham, Alabama-based lawyer representing the plaintiffs, said in a telephone interview.

The Whitely case and other lawsuits have been combined in a multidistrict litigation before Johnson in Alabama for pretrial evidence-gathering and the first trials.

Suicide Risk

The lawsuits claim that Chantix causes depression and other psychiatric disorders, some so severe that patients attempt or commit suicide. The plaintiffs allege that Pfizer knew of a link between Chantix and suicide and failed to sufficiently warn patients.

Pfizer has denied that Chantix was the cause of Whitely’s suicide or that the company withheld information about the drug.

Pfizer has provided warnings on the package insert of reports of suicidal thoughts since 2006, Johnson said in court papers in July. The notice was updated in 2007 and 2008, “culminating in a ‘black box warning’ being placed on the package insert in July 2009,” she said.

The plaintiffs’ lawyers contend that Pfizer should have provided such warnings earlier.

Cory said he didn’t believe the Whitely settlement was a signal that Pfizer was pushing to settle the cases that have been consolidated before Johnson in federal court in Florence, Alabama.

Settlement Offers

The accord “was a one-off as far as I can tell,” Cory said. “I represent close to 400 families and I haven’t gotten an offer to settle any of their claims so far.”

Cory said Johnson has set the next of four so-called bellwether trials over the Chantix claims for January in Alabama.

The consolidated cases are In re Chantix (Varenicline) Products Liability Litigation MDL 2092, 09-cv-2039 U.S. District Court, Northern District of Alabama (Florence).

To contact the reporters on this story: Margaret Cronin Fisk in Detroit at mcfisk@bloomberg.net; Jef Feeley in Wilmington, Delaware, at jfeeley@bloomberg.net

To contact the editor responsible for this story: Michael Hytha at mhytha@bloomberg.net

Bloomberg moderates all comments. Comments that are abusive or off-topic will not be posted to the site. Excessively long comments may be moderated as well. Bloomberg cannot facilitate requests to remove comments or explain individual moderation decisions.

Personal Finance Best Sellers From Amazon

Key Rates

  • Mortgage
  • Home Equity
  • Savings
  • Auto
  • Credit Cards
Today’s national average mortgage rates. Rates may include points.
Type Today 1 Mo
30 Year Fixed Jumbo 4.05% 3.92%
30 Year Fixed 3.75% 3.47%
15 Year Fixed 2.89% 2.71%
10 Year Fixed 2.98% 3.00%
30 Year Fixed Refi 3.74% 3.46%
15 Year Fixed Refi 2.89% 2.69%
5/1 ARM 2.66% 2.61%
5/1 ARM Refi 2.64% 2.57%
View rates in your area »

Source: Bankrate.com

Today’s average home equity rates nationwide.
Type Today 1 Mo
$30K HELOC 5.34% 5.24%
$50K HELOC 4.56% 4.53%
$75K HELOC 4.57% 4.53%
$100K HELOC 4.27% 4.21%
$30K Home Equity Loan 5.95% 6.06%
$50K Home Equity Loan 5.97% 6.02%
$75K Home Equity Loan 5.94% 5.99%
$100K Home Equity Loan 5.80% 5.84%
View rates in your area »

Source: Bankrate.com

Today’s average savings rates nationwide.
Type Today 1 Mo
5 Year CD 1.24% 1.21%
2 Year CD 0.70% 0.66%
1 Year CD 0.57% 0.52%
MMA $10K+ 0.47% 0.50%
MMA $50K+ 0.69% 0.70%
MMA Savings Jumbo 0.58% 0.60%
View rates in your area »

Source: Bankrate.com

Today’s average auto loan rates nationwide.
Type Today 1 Mo
60 Months Used Car 2.97% 3.19%
48 Months Used Car 2.92% 3.13%
36 Months Used Car 2.88% 2.96%
72 Months New Car 2.45% 2.96%
60 Months New Car 2.54% 2.67%
48 Months New Car 2.45% 2.58%
60 Months Auto Refi 4.15% 4.36%
36 Months Auto Refi 3.60% 3.76%
View rates in your area »

Source: Bankrate.com

Today’s average credit card rates nationwide.
Type Today 1 Mo
Standard Variable 14.12% 14.12%
Standard Fixed 13.23% 13.23%
Gold Variable 12.70% 12.70%
Gold Fixed 11.99% 11.99%
Platinum Variable 15.53% 15.57%
Platinum Fixed 12.70% 12.70%
View rates in your area »

Source: Bankrate.com