Takeda to Potentially Settle Actos Lawsuits for $2.2B

Takeda to Potentially Settle Actos Lawsuits for $2.2B

Takeda to Potentially Settle Actos Lawsuits for $2.2B

Reportedly, Takeda Pharmaceutical Co. has offered to settle more than 8,000 Actos lawsuits alleging the diabetes drug caused cancer for $2.2 billion; each case would receive about $275,000. Bloomberg reports that it would be one of the largest settlements in US history of patients lawsuits alleging injuries from drugs and medical devices. It would be the first settlement in the three years of litigation over the drug’s alleged bladder cancer risks.

The national law firm of Parker Waichman LLP represents numerous clients in Actos lawsuits. Jerrold S. Parker, founding partner of the firm, has maintained a leadership role throughout the litigation by serving on the Plaintiff’s Steering Committee.
Actos was introduced for type 2 diabetes in 1999. Plaintiffs allege that Takeda executives ignored or downplayed the risk of bladder cancer before it went on the market and misrepresented the drug.

The litigation has resulted in some large verdicts against Actos makers. Last year, a federal jury in Louisiana ordered Takeda and Eli Lilly & Co to pay $9 billion to a man who alleged that Actos caused his bladder cancer. Bloomberg reports that the award was the seventh-largest in US history, although the amount was later reduced by a judge to $36.8 million.

A professor of product-liability law at the University of Richmond in Virginia told Bloomberg, “This is a strong signal that Takeda really wants to settle these cases so it can avoid any more huge verdicts, But the per-case number indicates they don’t want to have to pay a premium to settle these claims.” The settlement would only apply to individuals who have already filed a lawsuit.

There are over 3,500 consolidated in the Actos multidistrict litigation (MDL) consolidated in Lafayette, Louisiana before U.S. District Judge Rebecca Doherty. Additionally, there are 4,500 Actos cases filed in state courts in Illinois, West Virginia, California and Pennsylvania.

Read more at: http://www.yourlawyer.com/articles/title/takeda-reportedly-offers-2-2b-to-settle-actos-bladder-cancer-claims

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