August 12, 2002 - Bayer CEO Ready to Settle Baycol Lawsuits in Individual Cases
Werner Wenning, CEO of Bayer AG, told a German business magazine that the company would be willing to settle individual lawsuits involving the now-banned cholesterol drug Baycol. Wenning told the magazine that Bayer was ready to settle in individual cases but that it saw no reason for a general settlement with all plaintiffs. The report was confirmed by a spokesperson for Bayer, but no guidelines were mentioned as to how the drug maker would determine which lawsuits to settle.
On August 8, 2001, Bayer pulled Baycol from the market because of its association with myositis and rhabdomyolysis. At least 100 deaths have been linked to the medication. Bayer is facing more than 2,000 individual or class action lawsuits due to the drug's damaging side effects.