$ABT (ABBOTT LABORATORIES) — 8-K: Abbott to pay ~$670M to resolve Gill case and ~2,000 preterm formula NEC claims

Abbott reached agreements with three law firms to resolve the Gill case and claims involving approximately 2,000 other individuals for an aggregate amount of approximately $670 million. The company said it chose settlement over continuing appeals or paying approximately $600 million for the Gill judgment plus accrued interest. Abbott stated the agreements are not an admission of liability and that it stands by the safety of its preterm infant formulas. Following the agreements, roughly 1,700 lawsuits remain pending involving claims on behalf of approximately 12,700 individual infants.

Abbott reached agreements with three law firms to resolve the Gill case and claims involving approximately 2,000 other individuals for an aggregate amount of approximately $670 million. The company said it chose settlement over continuing appeals or paying approximately $600 million for the Gill judgment plus accrued interest. Abbott stated the agreements are not an admission of liability and that it stands by the safety of its preterm infant formulas. Following the agreements, roughly 1,700 lawsuits remain pending involving claims on behalf of approximately 12,700 individual infants.