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Abbott Laboratories — news, coverage & facts — IJR

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Business
Abbott Reaches $670M Settlement Over Preterm Formula Litigation
Abbott has reached a settlement with three law firms to resolve roughly 2,000 NEC-related infant claims tied to preterm formulas for about $670 million, a move that reduces litigation risk while Abbott and health authorities maintain formulas are safe. The company disclosed the settlement in an 8-K and noted ongoing lawsuits and bellwether cases across several jurisdictions as the broader fight over NEC risk in preterm formulas continues.
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Abbott Laboratories is an American multinational medical devices and health care company with headquarters in Abbott Park, Illinois, United States. The company was founded by Chicago physician Wallace Calvin Abbott in 1888 to formulate known drugs; today, it sells medical devices, diagnostics, branded generic medicines and nutritional products. It split off its research-based pharmaceuticals business into AbbVie in 2013.

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