Wednesday, November 19, 2008

Mass Torts update from Levin, Papantonio.

November 2008
Fosamax
The District Court presiding over the Fosamax MDL involving osteonecrosis of the jaw claims has set the order of the first three such cases to be tried. The three cases selected for trial were drawn from a pre-determined pool of cases that was established by the District Court in one of the initial case management orders. The Plaintiffs Steering Committee (of which Levin Papantonio shareholder Tim O'Brien is Lead Counsel) selected one case, which will be tried in August 2009. The District Court selected one case, at random, which will be tried in October 2009. And Merck selected one case, which will be tried in January 2010. All cases will be tried in New York City.

In addition to Fosamax ONJ cases, Levin Papantonio is representing clients in Fosamax cases involving low energy, non-traumatic fractured of the femur (thigh bone). A recent Cornell University study revealed data showing that long-term Fosamax users were at risk for such fractures. Email Tim O'Brien at TObrien@levinlaw.com

Gadolinium
The Gadolinium MDL is making progress at record speeds. In an effort to move this litigation along as quickly and as prudently as possible, the PSC has worked with Judge Polster in the Northern District of Ohio to set discovery, trial selection and pre-trial deadlines that can best serve these catastrophically injured clients. Levin Papantonio's Troy Rafferty and his fellow members of the PSC have worked hard to strike a balance between moving the litigation along as quickly as possible to ensure these clients are able to see their day in court, and setting reasonable deadlines that allow time for proper discovery of the millions of pages of documents already being produced by Defendants Bayer Healthcare Pharmaceuticals Inc., GE Healthcare Inc., Bracco Diagnostics Inc., and Mallinckrodt Inc. If you have any questions about the Gadolinium litigation, Gadolinium-Based Contrast Agents, or Nephrogenic Systemic Fibrosis, the crippling condition at the center of this litigation, please contact Troy Rafferty at TRafferty@levinlaw.com or Lea Morris at Lea.Morris@levinlaw.com.

Trasylol
The Trasylol litigation is in high gear. The PSC has fought for an aggressive discovery schedule and the first MDL case is set to be tried in January 2010. In that effort, Levin Papantonio's Brian Barr recently took the deposition of Dr. Thomas Chin, Bayer's Associate Director of Pharmacovigilance for the United States. Between now and the first trial, there is a lot of work to be done and Levin Papantonio is in the middle of it all, not to mention potential clients are still out there looking for representation against Bayer for the damage this drug caused to them or their loved one. If you have any questions about the Trasylol litigation please contact Brian Barr at BBarr@levinlaw.com or Lea Morris at Lea.Morris@levinlaw.com.

Heparin
The Baxter Heparin litigation has been moving along well. We are currently involved in the MDL, which is located in the Northern District of Ohio. We hold a position on the Plaintiffs' Steering Committee and are participating in discovery with the Defendants at this time. The discovery process is currently in its earliest phase, though we have propounded extensive discovery requests on the Defendants. So far, we have received some crucial documents evidencing specific lot numbers and distribution codes, but are expecting many more documents that will shape the liability aspects of the case. We continue to evaluate our current cases as we receive and review medical records and documents from the defendants. As well, we are still evaluating and accepting new cases. Please contact Scott Barnes at SBarnes@levinlaw.com.

Shoulder Pain Pump Litigation
Levin, Papantonio is currently investigating cases involving intra-articular pain pump catheters. These devices are temporarily implanted in the shoulder during surgery and have been linked to a serious injury know as Postarthroscopic Glenohumeral Chondrolysis (PAGCL). This is an extremely painful condition involving the deterioration of cartilage in the shoulder joint.

For years, surgeons have favored the intra-articular pain pump for pain management. These flexible plastic catheters deliver pain medication directly to the joint, and can extend the effectiveness of other shoulder numbing agents for up to 48 hours.

But this pain relief comes at a terrible price. A study published in the American Journal of Sports Medicine concluded that these pumps were associated with PAGCL. This association was greatest when the intra-articular pain pumps were used to deliver a combination of the painkillers bupivacaine and epinephrine directly into the shoulder joint space. In spite of this knowledge, the manufacturers of these pumps have persisted in recommending that physicians deploy the pumps to inject medicine directly into the joint space.

For more information, contact Pete Kaufman at PKaufman@levinlaw.com.

In re: Digitek Products Liability Litigation; MDL No. 1968
On November 5, 2005, Judge Goodwin entered Pretrial Order #4 appointing the members of the Plaintiffs’ Steering Committee as well as laying out some general issues that will be developing in the coming weeks. Judge Goodwin expressed his desire to coordinate with the judges and counsel involved in the Digitek state court litigation, focused primarily in West Virginia and New Jersey. Matters to be developed include establishing a protocol for Digitek tablet inspections, issues related to acceptance of service and applicability of a master tolling agreement.

Levin, Papantonio is actively involved in the Digitek MDL, with Robert Blanchard being among those appointed to the PSC. Email Amanda Slevinski at ASlevinski@levinlaw.com with any questions regarding the Digitek Products Liability Litigation.

Vioxx
Levin Papantonio attorneys continue to work on Vioxx claims one year after the national settlement was announced. We are still working with clients and the Vioxx claims administration to ensure that our clients receive the maximum settlement available on their cases. The claims administration hopes to have all heart attack cases reviewed by April 2009 and to start stroke case reviews in February 2009 and finish sometime next summer. If you have any questions about the settlement process please contact Rachael Gilmer at 850-435-7159 or RGilmer@levinlaw.com.

Securities Department
Levin Papantonio's Securities Department is headed by Peter Mougey. Peter can be contacted at PMougey@levinlaw.com.
Levin Papantonio Scheduled to Arbitrate One of the First Morgan Keegan Bond Fund Claims
To date, two of the three arbitrations arbitrated across the country have resulted in awards for the investors. We have filed cases on behalf of 50 institutional and individual investors who have lost more than $50 million in the Regions Morgan Keegan Select Intermediate Bond Fund (RIBCX), the Regions Morgan Keegan Select High Income Fund (MKHIX), the RMK High Income Fund (RMH), the RMK Multi-Sector High Income Fund (RHY), and the RMK Strategic Income Fund. These funds have declined more than 65% in the past 12 months because of the undisclosed risks and the exposure to both the subprime and mortgage markets. We expect to file another 155 arbitration and state court claims by the end of the year.
Lehman Principal Protected Notes
Several major brokerage firms, among them UBS, Merrill Lynch, and JP Morgan, sold nearly $70 billion of these principal protected notes in the past year. Many financial advisors recommended these products to retired, risk-adverse investors without informing them of the potential risk. Many investors were not even told that the Lehman Brothers-created products carried significant risk.
Citigroup Hedge Funds
Levin Papantonio continues to accept claims against Citigroup Alternative Investments (“CAI”). Citigroup advertised these funds as alternatives to fixed income but volatility in the credit market proved that the hedge funds were far less reliable than they were marketed. In fact, quantitative analysis has demonstrated that the pricing inefficiency Citigroup attempted to capture in Mat V was in reality a risk premium built in to the market. The fund has lost over 75% of its value after the too-little-too-late settlement offer to investors. We continue to accept Mat Five cases from across the country.
Levin Papantonio is Filing Multiple Securities Arbitration Claims Based on Unsuitable Recommendations to Concentrated Portfolios in the Financial Sector
Levin Papantonio continues to accept cases against broker-dealers on behalf of investors holding concentrated equity positions, including common and preferred stock. Many investors’ life savings were not diversified across industry sectors or were not allocated to investment grade fixed income. Instead, portfolios were concentrated in the financial sector through common and preferred stock and fixed income. This concentration caused many retail investors to lose a disproportionate amount of their life savings.
Levin Papantonio Moved for Lead Counsel Status in First Trust Mutual Fund Class Action
Levin Papantonio has moved for lead counsel status in a class action in the United States District Court for the Northern District of Illinois against the First Trust family of Strategic High Income mutual funds ("First Trust"). The First Trust mutual funds, the Strategic High Income Fund (FHI), the Strategic High Income Fund II (FHY), and the Strategic High Income Fund III (FHO) held some of the riskiest and most illiquid collateralized debt obligations ("CDO") on the market. In the second half of 2007, the funds dropped more than 50% and lost a total of $250 million when the underlying debt securities lost their value. In fact, the First Trust mutual funds were at the bottom of the peer group due in large part to their substantial CDO holdings.

posted by Harlan Schillinger at 10:45 AM

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