The Proposed Settlements provide "injunctive relief." This means that instead of paying money damages, the companies agree to change what they are doing to benefit the Class. In these lawsuits, a substantial benefit is provided to the Class because FDB and Medi-Span will:
-- Reduce the mark-up factor for thousands of drugs in their respective
data publications. Class Counsel estimate that this reduction may
save well over a billion dollars in future drug costs for consumers,
insurers and TPPs in a single 12-month period.
-- Cease to publish an AWP within two (FDB) or three (Medi-Span) years
of the Proposed Settlements final approval.
-- Provide information on drug price publishing in connection with this
and other lawsuits. Class counsel believe this will likely provide
additional benefits, including monetary benefits, to Class Members
in drug pricing lawsuits against other parties.
"First DataBank denies that it has any liability as a publisher of information that relies on data provided by others. First DataBank is dedicated to reporting relevant and reliable drug information, which we believe this settlement promotes," said Eve Burton, legal counsel for FDB. "Medi-Span denies wrongdoing and will continue to serve as a reputable publisher of drug price information provided to Medi-Span by third parties," said Eric Cardinal, Director Drug File Products for Medi-Span.
The Class consists of all individual persons or entities that made
purchases and/or paid, whether directly, indirectly, or by reimbursement,
for all or part of the purchase price of certain prescription
pharmaceuticals based on the AWP data reported by FDB or Medi-Span.
Consumers who pay a fixed co-pay for prescription drugs are not af
|SOURCE FDB/Medi-Span Settlement Administrator|
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