TIME is ticking for eligible Americans to claim their share of a $5.475 million antitrust settlement.
AstraZeneca and Handa Pharmaceuticals agreed to the payout to resolve claims they violated state antitrust laws, which they deny.
They were hit with claims that they violated state antitrust laws by keeping lower-cost generic versions of the popular antipsychotic drug Seroquel XR off the market.
Antitrust laws are a set of rules designed specifically to promote fair competition in the marketplace.
These laws protect consumers from unfair business practices.
Claimants have until June 9, 2025, to submit their claim forms and secure a potential cash payout.
The settlement benefits third-party payers, which includes insurance companies, employee welfare plans, and other entities.
The entities would have had to purchase, pay for, or reimburse the cost of Seroquel XR or its generic equivalent (quetiapine fumarate ER) in select states between September 5, 2015, and December 9, 2024.
The class action lawsuit alleged that AstraZeneca and Handa unlawfully took steps to delay the release of generic alternatives to Seroquel XR.
This is an extended-release medication commonly prescribed for those with schizophrenia, bipolar disorder, and depression.
The companies allegedly forced third-party payors to pay higher prices for the branded medication, essentially blocking competition.
WHO CAN CLAIM?
This settlement applies to third-party payors in 29 states and the District of Columbia.
It applies to anyone that covered the purchase of Seroquel XR or generic quetiapine fumarate ER in 50 mg, 150 mg, 200 mg, or 300 mg tablet strengths during a specified period.
The specified period fell between September 5, 2015, and December 9, 2024.
The eligible states are:
Arizona Arkansas California the District of Columbia Florida Hawaii Illinois Iowa Kansas Maine Maryland Michigan Minnesota Mississippi Montana Nebraska Nevada New Hampshire New Mexico New York North Carolina North Dakota Oregon Rhode Island South Dakota Tennessee Vermont West Virginia WisconsinPayment amounts will depend on the total number of claims submitted and the amount each claimant paid for the medications.
At this time, no payout estimates have been announced but the terms state the it will be based on the amount claimants paid for Seroquel XR or quetiapine fumarate ER.
To qualify, you must provide proof of purchase or reimbursement documentation detailing eligible transactions during the settlement period.
MAKING A CLAIM
Claims can be filed through the official settlement website.
It’s worth noting that submitting a false claim is punishable by law.
For more details, or to see if you qualify, visit the settlement’s website.
It comes as many are expected to get a direct payment following a misleading discount settlement.
What's a class-action settlement?
Class action lawsuits offer groups of people, or 'classes,' a way to band together in court.
These suits are often brought by one or a few people who allege a company or other entity has wronged a large group of people.
When a suit becomes a class action, it extends to all “class members,” or people who may have similar complaints to those who filed the suit.
Companies often settle class actions – offering payment to class members who typically waive their right to pursue further legal action by accepting money.
These payout agreements frequently include statements by the defendant denying wrongdoing. Companies tend to settle class actions to avoid the costs of further litigation.
Pollution, discrimination, or false advertising are a few examples of what can land a class action on a company’s doorstep.
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