20 Sep $2.37 Billion Actos Settlement Has Been Finalized
A multibillion settlement for thousands of plaintiffs with pending Actos cases will stand, as the minimum number of plaintiffs has agreed to accept the offer, counsel for both sides of this litigation announced last week.
According to these reports, at least 95 percent of the plaintiffs had to accept or “opt in to” the settlement agreement that was announced at the end of April 2015 for the agreement to be finalized. Such opt-in clauses are commonly included in massive settlement offers associated with complex product liability litigation, as they give the defendants (which are usually big drug makers) the option to pull the settlement offer if the minimum number of plaintiffs does not accept it.
While the $2.37 billion settlement deal marks the single biggest drug settlement in U.S. history for a medication that is still on the market, this amount could jump to $2.4 billion if, upon review of the plaintiff agreements, it is found that at least 97 percent of them have agreed to opt-in.
Explaining the significance of this Actos settlement, co-lead counsel for the plaintiffs has stated that:
This settlement is going to do a lot of good for a lot of people that have either suffered from cancer or had a family member suffer. I feel honored to have been involved in this litigation from the beginning through the negotiation of the settlement to this achievement…Great efforts are being made by plaintiff’s counsel to achieve 100 percent satisfaction with this settlement. This fantastic result is the culmination of a lot of hard work by a lot of people including clients, Judges, and lawyers on both sides of this litigation. I applaud all those involved and believe this is a good day for a lot of people. We are hopeful that we will reach the 97 percent threshold.
Background on Actos Litigation
The massive Actos settlement offer that has recently been finalized represents the culmination of years of litigation regarding the extent to which this type-2 diabetes drug increases the risk of (or potentially causes) bladder cancer.
Tens of thousands of lawsuits have already been filed against Takeda Pharmaceuticals to date, alleging that the company:
- Failed to test the safety of this drug
- Knew about the risks associated with Actos use and failed to warn the public about them.
Despite moving forward to try to resolve a large portion of pending Actos lawsuits through the $2.37 billion settlement offer, however, Takeda stands behind its drug and has yet to admit any wrongdoing in testing or marketing the medication.
As more news about this settlement offer becomes available, we’ll report the latest details to you here in a future blog. Until then, share your opinions about Actos and this settlement with us on Facebook & Google+.
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