Last month it looked like Takeda might not have enough takers to move forward with its massive $2.3 billion offer to settle thousands of lawsuits alleging that the diabetes drug Actos caused cancer. However, over the weekend, the drugmaker said it would raise the offer by $100 million if certain criteria are met, and now has enough claimants on board to finalize the settlement.
Free Actos Lawsuit Evaluation: If you took Actos and developed bladder cancer or other serious side effect, 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.
What’s the Problem?
September 15, 2015 – According to FiercePharma, Takeda has 96% of claimants on board, and has settled 7 of the 9 Actos lawsuits that have gone to trial, as well as many of the approximately 8,000 cases pending in state and federal courthouses around the country. If 97% of the claims meet the settlement criteria, Takeda has agreed to up the payout by $100 million, for a grand total of $2.4 billion.
With the settlement, Takeda hopes to leave much of its legal troubles in the past. A Louisiana jury ordered the company in April to pay $9 billion to a New York man who claimed his bladder cancer was caused by Actos, according to Bloomberg News. The award was eventually slashed 99% to $36.8 million; however, the massive initial payout ordered by the judge gave the entire pharmaceutical industry pause.
Takeda also has 2 other cases outstanding, one in California it has appealed after a court reinstated a $6.5 million verdict, and another where the plaintiffs are appealing after Takeda was ruled in favor of.
Clearing these hurdles will be helpful to Takeda’s new CEO Christophe Weber, who’s had his hands full trying to turn around the Japanese drugmaker since he took the post in April. In his debut earnings report in May, Takeda reported a small loss for the year, but Weber promised a corner had been turned and that the company would once again be profitable by the end of the year.
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 side effects cases in all 50 states.
Free Confidential Case Evaluation: Again, if you or a loved one was injured by Actos, you should contact our law firm immediately. You may be entitled to compensation by filing an Actos suit and our lawyers can help.