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AZ Tentatively Settles 4,000 Seroquel Suits

Wilmington, Delaware: AstraZeneca (AZ) has reportedly tentatively settled a further 4,000 lawsuits brought by people who allege the company's antipsychotic medication Seroquel, causes diabetes.

The terms of the settlements will be kept confidential. However, the company recently settled 200 similar suits for $2 million putting the average settlement at $10,000 per case.

AZ was facing more than 10,000 related suits involving some 22,500 plaintiff groups. The company reportedly said it has spent about $688 million defending Seroquel-related cases to date.

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Last updated on Aug-4-10