Statement from American Tort Reform Association Regarding Billion Dollar Jury Award Against Wyeth

4/29/2004

From: Gretchen Schaefer of the American Tort Reform Association, 202-682-1163

WASHINGTON, April 29 -- The American Tort Reform Association (ATRA) issued the following statement regarding the $1.1 billion verdict from a Texas jury against Wyeth, the maker of the diet drug Pondimin.

The statement may be attributed to Sherman Joyce, President of ATRA:

"This is an excessive verdict that stretches the limits of credulity. People should understand that it's not only the company being sued that pays the price for excessive awards. Consumers are ultimately the ones who pay - both in higher prices and in less innovation and research as companies decide any potential benefit is outweighed by the threat of litigation."

"Verdicts like this reinforce why ATRA has designated Jefferson County, Texas as a Judicial Hellhole, a jurisdiction that attracts personal injury lawyers because it is known for large rewards, favorable court precedents, or both."