Takeda Offers $2.2 Billion To Settle Actos Bladder Cancer Cases

Ennis & Ennis, P.A. reports Takeda's settlement offer for current Actos bladder cancer cases.
 
MIAMI - April 2, 2015 - PRLog -- Takeda Pharmaceutical Co., the manufacturer of diabetes medication, Actos has offered to pay more than $2.2 billion to resolve several thousand claims of patients who contracted bladder cancer after taking Actos. Takeda’s proposal to settle more than 8,000 pending claims would amount to a payment of about $275,000 per case.  This is the first settlement offer since the litigation commenced three years ago.  Most experts feel it was only a matter of time that Takeda would instigate settlement negotiations as Takeda has been hit with both compensatory and staggering punitive damage awards.

According to Bloomberg News, there is no deal in place, as many plaintiff attorneys do not feel the offer is sufficient compensation for the damages suffered by the claimants.  Legal experts note it would be a great deal for Takeda if the current offer were accepted. “If Takeda can settle the multidistrict cases for $2.2 billion, they should sign the papers and leave town, Erik Gordon, a law professor at the University of Michigan told Bloomberg. “Given the results of the trials so far and the number of potential judgments against the company, $2.2 billion is a bargain.”

Another legal expert, Carl Tobias who teaches product-liability law at the University of Richmond, noted, “This is a strong signal that Takeda really wants to settle these cases so it can avoid any more huge verdicts.  But the per-case number indicates they don’t want to have to pay a premium to settle these claims.”    As a final deal has not been reached, the settlement discussion could fall apart.  Takeda could also settle some of the lawyers’ inventories and continue litigating or negotiating with others.

There are roughly 3,500 lawsuits pending in federal court before U.S. District Judge Rebecca Doherty in Lafayette, Louisiana.  Takeda faces another 4,500 cases in state courts in California, Illinois, Pennsylvania and West Virginia. All claims allege that Takeda failed to disclose evidence that Actos could increase patients’ risk of bladder cancer. The FDA added a warning to the drug label in 2011, but the lawsuits maintain that Takeda was aware of the risks as far back as 2004, but buried the findings.

Takeda has faced at least 9 jury trials to date and lost 5 verdicts.  However, a Louisiana jury returned a $9 billion verdict against Takeda and Eli Lilly in the first federal case to be tried.  This verdict was later reduced to $36.8 million but it was a ‘wake-up call” for Takeda. Sources indicate that Takeda intends to limit the offer only to those patients who have already filed a suit or have hired legal counsel for that purpose in order to avoid a new wave of litigation.

If you or a loved one have been injured by Actos, you should act quickly and contact the attorneys at Ennis & Ennis for a free confidential consultation at 1-800-856-6405 or visit us online at www.Ennislaw.com and fill out an online form.

Contact
Holly Ennis
***@ennislaw.com
800-856-6405
End
Email:***@ennislaw.com Email Verified
Tags:Actos, Bladder Cancer, Settlement, Ennis & Ennis
Industry:Family, Health
Location:Miami - Florida - United States
Subject:Deals
Account Email Address Verified     Account Phone Number Verified     Disclaimer     Report Abuse
Ennis & Ennis, P.A. PRs
Trending News
Most Viewed
Top Daily News



Like PRLog?
9K2K1K
Click to Share