Lawyers arguing the first lawsuit to go to trial over the withdrawn cholesterol medication Baycol presented closing arguments Wednesday in Corpus Christi, Texas. Analysts have been keeping a close eye on the trial since it began last February, as many legal experts believe it may set a precedent for future Baycol litigation. News sources have reported that a settlement could be reached by the end of the week.

The suit was filed by 82-year-old plaintiff Hollis Haltom, who claims he developed rhabdomyolysis, a severe muscle disorder that can lead to kidney damage and liver failure, because of the drug. Bayer Corporation, the maker of Baycol, and a pharmaceutical sales representative who gave samples to Haltom are named in the lawsuit. Haltom's attorneys claim Bayer hastily created Baycol in 1997 because the company was in "financial straits," and the statin industry was a $24 billion a year market. Attorneys also say Bayer failed to properly warn consumers about Baycol's dangerous side effects, even though company executives knew the drug was causing health problems.

To date, Bayer has lost over $840 million in operating earnings due to Baycol's withdrawal and is facing nearly 8,000 lawsuits over the drug.