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In March 2003, the government's Therapeutic Goods Administration (TGA) suspended the licence of Pan Pharmaceuticals after excessive amounts of some ingredients were found in its Travacalm tablets.
Eighty-seven people suffered adverse reactions to Travacalm, including hallucinations, and 19 were admitted to hospital.
Criminal charges were laid against Pan's chief executive, Jim Selim, but a Supreme Court judge directed an acquittal in April 2007 and an appeal court upheld that direction in September 2007.
Mr Selim won a $A50 million ($US34.24 million) compensation settlement from the Commonwealth in August this year.
On Tuesday, lawyers McLachlan Thorpe Partners said they had commenced proceedings in the Federal Court on behalf of 165 sponsors, customers and creditors of Pan, and distributors and retailers of its products.
The total value of the claims was estimated at $165 million, the lawyers said.
An invitation to Commonwealth lawyers to engage in discussions aimed at an early settlement had been declined, McLachlan Thorpe said in a statement.
"The Commonwealth has ignored repeated requests for an inquiry into the action taken by TGA against Pan, which caused the collapse of Pan and which impacted so adversely on hundreds of other businesses," they said.
"The members of the class action look forward to the conduct of the TGA being comprehensively examined by the Federal Court in the class action proceeding."
In 2003, the then federal health minister, Kay Patterson, said the TGA "acted in a timely way, but in a way that gave natural justice to the company".
(AAP)
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