Pan settlement opens door for huge class action
| Source: | 7.30 Report |
|---|---|
| Published: | Thursday, September 4, 2008 4:49 AEST |
| Expires: | Wednesday, December 3, 2008 4:49 AEST |
The $55 million settlement between the Commonwealth and Pan Pharmaceutical founder Jim Selim has opened the door to a huge class action, that could cost more than $100 million. Major losses were incurred by shareholders and businesses when Pan collapsed after the therapeutic goods administration suspended its licence and recalled its products in 2003. The legal battle has exposed some of the secretive machinations involved in the biggest drug recall in Australian history.
