U.S. Court of Appeals Reverses Third-Party Payor Class Certification Suit Against Lilly

Eli Lilly and Company (NYSE:LLY - News) today announced that the U.S. Court of Appeals for the Second Circuit has agreed with Lilly's position that a class should not have been certified in a pending third-party payor suit, in which unions and insurers who act as third-party payors alleged that they overpaid for Zyprexa prescriptions. The court also agreed with Lilly that plaintiffs' overpricing claims should not go forward.
"We are very pleased with today's ruling from the Court of Appeals," said Robert A. Armitage, senior vice president and general counsel for Lilly. "We were confident that the suit filed by third-party payors was without merit and believed that the earlier decision would be overturned."
Lilly, a leading innovation-driven corporation, is developing a growing portfolio of pharmaceutical products by applying the latest research from its own worldwide laboratories and from collaborations with eminent scientific organizations. Headquartered in Indianapolis, Ind., Lilly provides answers – through medicines and information – for some of the world's most urgent medical needs. Additional information about Lilly is available at www.lilly.com. C-LLY
This press release contains forward-looking statements about litigation related to Zyprexa. These statements are based on management's current expectations, but actual results may differ materially. There can be no assurance that the company will prevail in any future proceedings in this litigation or in any other litigation. Other risk factors that may affect the company's results can be found in the company's latest Forms 10-K and 10-Q filed with the U.S. Securities and Exchange Commission.
**Published by "Yahoo Finance"