Posted: April 4, 2015
Takeda Pharmaceuticals has offered a $2.2 billion Actos settlement to resolve current claims that the diabetes medicine causes bladder cancer, sources say. The offer was disclosed to Bloomberg News by three sources close to the company who wish to remain anonymous because they do not have authorization to speak on the matter. Plaintiffs have argued that the company failed to warn them about the risk.
The national Actos lawyers at Eisbrouch Marsh welcome this development as potentially very good news for plaintiffs who have suffered because of undisclosed side effects from the popular type 2 diabetes drug. The multi-billion dollar settlement would resolve all current claims that Takeda hid Actos’ cancer risks and would provide just compensation in the form of approximately $275,000 per case. The settlement, should it be accepted, would be one of the largest settlements in U.S. history with respect to drug or medical device cases.
Actos settlement would be first on the table after 3 years of litigation
Thus far, nine Actos bladder cancer cases have come to trial against Takeda and Eli Lilly & Co., Takeda’s U.S. subsidiary; five of those cases were resolved in favor of the plaintiffs. In one landmark case in Louisiana, a federal jury awarded the plaintiff $9 billion, which was later reduced in $36.8 million by the presiding judge. Thus far, however, no settlements have been offered to resolve the many outstanding Actos cases that are currently in the courts.
More than 8,000 lawsuits are pending in the federal and state judicial systems. These include a multidistrict litigation consisting of 3,500 lawsuits being heard by U.S. District Judge Rebecca Doherty in Louisiana and state level proceedings in Illinois, West Virginia, California, and Pennsylvania totally more than 4,500 cases. A settlement deal could potentially resolve most or all of these cases.
Final deal in Actos cancer settlement not yet reached
Although Takeda is rumored to have offered a substantial settlement, a final deal has not yet been reached, according to attorneys for the plaintiffs. Paul Pennock, one of the lead plaintiff attorneys has stated that “There is no deal …. [but] at least Takeda recognizes that attempting to compensate these cancer victims and their families is the right thing to do.”
Some critics of the possible settlement contend that even at this scale, the individual allotments of the settlement would be insufficient to compensate the plaintiffs, especially given that Actos has earned the company over $16 billion in sales worldwide since it was introduced to the market in 1999. Erik Gordon, business and law professor at the University of Michigan has called the settlement “a bargain” for the company.
Christophe Weber, chief executive officer for Takeda, who had no comment to Bloomberg News on the proposed deal, said that “Takeda always had the same position. We believe that Actos provides the right benefit risk ratio for patients, is still a good medicine for patients.”
Eisbrouch Marsh reaches out to Actos cancer victims
The experienced drug injury lawyers at Eisbrouch Marsh currently represent Actos bladder cancer victims in the ongoing national litigation. If you believe you or a loved one has developed cancer because of using the drug, it is important to contact our offices as soon as possible because, under the proposed offer, only current plaintiffs against Takeda or those who have hired a lawyer with the intention of suing would be able to participate in the settlement.
Please contact us at 201-342-5545 to schedule a review of your potential Actos case at no cost and no obligation to you.
- Bloomberg, Takeda Offers $2.2 Billion to Settle Actos Drug Cases http://www.bloomberg.com/news/articles/2015-04-01/takeda-said-to-offer-2-2-billion-to-settle-actos-drug-cases
- Fortune.com, Takeda's ready to shell out $2.2 billion to settle Actos drug cases http://fortune.com/2015/04/01/takeda-diabetes-cancer/
- Bloomberg, Takeda, Lily Lose Bid to Overturn $9 Billion Actos Award http://www.bloomberg.com/news/2014-08-28/takeda-lilly-lose-bid-to-get-9-billion-actos-award-thrown-out.html