FOR IMMEDIATE RELEASE September 17, 2010 $30 Million Settlement Approved In Avacor Class Action
Oakland, CA – The California Superior Court yesterday approved a $30 million class action settlement involving claims that the Avacor™ hair regrowth system, which contained the drug Minoxidil, was falsely advertised as an "all natural" "herbal" treatment. "It took more than seven years of scorched-earth litigation, two jury trials, and two of the largest class action verdicts on record to produce this settlement," said Scott A. Bursor, plaintiffs' lead trial counsel. "The corporate defendant, Global Vision Products, avoided a trial by declaring bankruptcy in 2007. We tried the case against the company's founder and two television spokespersons and obtained a $37 million verdict in 2008. Then, in November 2009, after a second four-week trial, we won a $50 million verdict against two members of the company's board of directors." The settlement, which provides $30 million for the benefit of class members in California who purchased Avacor products prior to April 12, 2007, resolves the claims against the two directors found liable in the second trial. The settlement will expedite relief to class members by avoiding appeals and post-judgment collection actions. Class members will have until December 31, 2010 to file claims to be compensated from the settlement fund. Class members can file claims online at www.avacorlawsuit.com. The plaintiffs were represented by L. Timothy Fisher of Bramson, Plutzik, Mahler & Birkhaeuser, LLP, Walnut Creek, California, Anthony Vozzolo and Christopher Marlborough of Faruqi & Faruqi LLP in New York City, and Law Offices Of Scott A. Bursor. Read the final approval order online at bursor.com. About Law Offices of Scott A. Bursor Scott A. Bursor, www.bursor.com, has represented both plaintiffs and defendants in more than 70 lawsuits in state and federal courts throughout the country, primarily in the fields of telecommunications, pharmaceuticals, and dietary supplements. Mr. Bursor has an active civil trial practice, having won multi-million verdicts or recoveries in four of four civil jury trials since 2008. Contact: |