Court OKs Change to ‘Fen-Phen’ Settlement

Wyeth said a U.S. District Court judge had approved an amendment to a national settlement of lawsuits over its recalled “fen-phen” diet drugs that would streamline the payment of $1.28 billion for the least serious claims.

The May 2004 amendment, which is still subject to appeal, would create a new claims processing structure, funding arrangement and payment schedule for the least serious but most numerous claims, according to Madison, N.J.-based Wyeth.

The amendment would ensure that these claims were processed on a streamlined basis, while preserving funds in the existing trust for more serious claims, the company said.

Wyeth shares fell $1.44 to $39.83 on the NYSE.