Takeda announced today that it
agreed to pay $2.37 billion to resolve lawsuits accusing the company of hiding
its Actos diabetes medicine’s cancer risks.
The agreement states that the
deal will go through if 95% of those with claims against Asia’s largest drug
maker agree to accept the settlement. If the settlement’s participation rate
climbs to 97%, Takeda will add $300 million to the settlement, bringing it to a
total of $2.4 billion.
It is estimated that the average
settlement per claim is $296,000. The payment may be reduced depending on a
patient’s age, smoking history and exposure to toxins, which is similar to
other mass tort settlements including the DePuy ASR agreement.
Last year a jury found against
Takeda and Eli Lilly & Co. in the amount of $9 billion in damages to a
shopkeeper who blamed Actos for causing his bladder cancer. That award was
later reduced to $36.8 million by a judge.
If you have not filed a lawsuit
against Actos and you qualify under the terms of the settlement agreement, you
can still participate, but time is running out. If you have retained an attorney
by this Friday, May 1, 2015, you can
still participate in the proposed settlement. Your attorney will have to file a
declaration before July 13, 2015, stating they were retained prior to May 1,
2015.
If you or a loved one developed
bladder cancer as a result of the prescription drug Actos, contact me immediately
to protect your rights. Contact Booth Samuels at 1-866-515-8880 or by email at booths@pittmandutton.com for a free consultation.
