Synthroid Class Action Lawsuit Settlement Approved

Consumers Who Filed to Receive $74 to $111 Each in 2000

August 2000 -- On Tuesday, August 8, 2000, Knoll Pharmaceutical Company announced that Judge Elaine Bucklo of the U.S. District Court for the Northern District of Illinois gave final approval of a settlement of the Synthroid class action lawsuit.

The lawsuit resulted from an investigation, which began in 1996, that alleged that Knoll Pharmaceuticals and parent company BASF were violating consumer protection laws by attempting to prevent publication of the results of a research study showing that generic and competitive brand name levothyroxine drugs were equivalent to the Synthroid brand. Levothyroxine drugs such as Synthroid are used to treat hypothyroidism, an underactive thyroid condition.

The proceeds from an escrow account, which as of June 30, 2000, contained approximately $91 million plus interest (less attorneys' fees and costs) will be paid to consumers who have filed as part of the lawsuit and agree to release all claims against Knoll. A total amount of approximately $46 million plus interest (less attorneys' fees and costs) will be paid to third party payer class members who release all claims against Knoll, as well as consumer settlement class members.

According to Knoll, an estimated 778,000 consumers will receive payments of about $111 each if they began taking Synthroid before 1/1/95 and about $74 each if they began taking Synthroid after 1/1/95. It's estimated that payments will be received before the end of the year if no appeals are filed.

If you want to contact the attorneys regarding the status of your payment, call the Synthroid Claims toll-free telephone number, at 1-800-853-4853.

For Mary Shomon's Ongoing Coverage of the Synthroid Lawsuit since 1997, see [link url=http://thyroid.about.com/blsynthroid]The Synthroid Information Center[/link]