Takeda Pharmaceuticals’ $2.37 billion settlement of thousands of Actos bladder cancer lawsuits didn’t attract enough takers ahead of the August 12 deadline to move forward, raising doubts about whether the deal will survive.
Free Actos Lawsuit Evaluation: If you or a loved one was injured Actos (generic: pioglitazone), you should contact our law firm immediately. You may be entitled to compensation by filing a suit against the manufacturer and our lawyers can help.
Update 10/15/15: Actos Settlement Finalized
Takeda now has 96% of claimants on board with its offer to settle thousands of Actos bladder cancer lawsuits for $2.37 billion, according to FiercePharma. With the settlement, the company hopes to leave its legal troubles and once again become profitable. Click here to learn more.
What’s the Problem?
Takeda is obligated to fund the settlement after 95% of plaintiffs join it, according to Bloomberg News. However, by August 12 only about 75% had agreed to the deal, so the deadline was pushed back to September 11.
Takeda is hoping to settle about 10,000 lawsuits over claims Actos causes cancer and end 5 years of costly litigation. The company denies the drug poses any risk.
Since 2013, at least 5 juries have ruled against the Osaka, Japan-based drugmaker, including one in Louisiana that ordered it to pay $9 billion to a plaintiff who claimed that Actos caused his bladder cancer. A judge later reduced the award to $36.8 million.
In April, Takeda took a $2.7 billion charge against earnings to cover the proposed settlement and costs of defending the remaining lawsuits. The charge contributed to the company’s first loss since it was listed on the Nikkei in 1949, according to the Nikkei Asian Review.
How Much is the Settlement Worth to Each Plaintiff?
Under the proposed deal, plaintiffs would receive an average payout of over $250,000. However, some are rejecting the offer because they feel they should get more. Others are concerned lawyers would collect too much in fees.
Landmark Decision Expected in Latest Actos Trial
Jury selection began August 12 in a Las Vegas state court for the latest Actos lawsuit to go to trial. Takeda won 2 earlier Actos cases there, but a large jury award now might further sway other plaintiffs against opting to participate in the settlement.
Plaintiffs George Decou and the family of Maurice Iorio allege they developed bladder cancer after taking Actos to treat their type 2 diabetes. Iorio died in 2013 at the age of 74, according to court records. Takeda argues smoking caused both men’s disease rather than Actos.
To date, over 3,500 Actos lawsuits have been consolidated into a multidistrict litigation (MDL) before U.S. District Judge Rebecca Doherty in Louisiana. The MDL is: In Re Actos (Pioglitazone) Products Liability Litigation, 11-md-02299, U.S. District Court, Western District of Louisiana (Lafayette).
In addition to the consolidated lawsuits, Takeda faces at least another 4,500 complaints filed in state courts around the country. Additional cases are being held in abeyance while lawyers decide whether to include them in the settlement.
Do I Have an Actos Lawsuit?
The Product Liability & Defective Drug Litigation Group at our law firm is an experienced team of trial lawyers that focus on the representation of plaintiffs in Actos Lawsuits. We are handling individual litigation nationwide and currently accepting new cancer cases in all 50 states.
Free Actos Lawsuit Evaluation: Again, if you or a loved one suffered an injury after taking Actos, you should contact our law firm immediately. You may be entitled to compensation by filing an Actos Suit and our lawyers can help.