Actos Lawsuits Settled For $2.37 Billion, but Plaintiffs Might Wait Longer For Checks

Posted on May 22, 2015 by Dan Christensen

Plaintiffs with a case filed in the Actos litigation against Takeda Pharmaceuticals have been notified of a possible $2.37 billion settlement, but it might be months to a year before any settlement checks are actually released. Thousands of lawsuits have been filed over bladder cancer linked to the type-2 diabetes drug Actos, the brand name for pioglitazone. Takeda partnered with Eli Lilly to sell the drug in the U.S. until that deal ended in 2006, leaving Takeda as the sole supplier to American patients. Extensive Actos studies in the United States, France, and the United Kingdom have supported the idea that Actos raises the risk of bladder cancer in patients anywhere from 40 percent to 83 percent.

Takeda’s representatives said the settlement award will be put into an account for distribution once 95 percent of plaintiffs have joined the settlement, and the total will be increased to $2.4 billion if over 97 percent of plaintiffs sign on. Once the funds are released, plaintiffs who signed up for the settlement will be looking at a maximum total close to $300,000. Takeda has been under increased pressure to settle the bulk of the cases after a $9 billion jury verdict in an Actos case last year, although that award was later reduced to $36.8 million. Takeda has factored in hundreds of millions of dollars in additional settlements for plaintiffs who do not agree to the proposed deal.

I Need Funds While I Wait for My Case to Settle

Even in situations like the Actos litigation, where a company has already declared in financial statements that a settlement will probably be forthcoming, the actual wait for injured plaintiffs is uncertain. Beacon Legal Funding can provide financial assurance to those awaiting compensation with a helpful settlement advance of up to $50,000. Plaintiffs can use the money now to pay bills and avoid hardships like bankruptcy or foreclosure that could cause long-term problems. Settlement advances from Beacon Legal Funding carry no risk. In the event that a case doesn’t reach a settlement or verdict award, the plaintiff owes nothing. An easy application is all that is needed to start the legal funding process and move closer to pre-settlement security.

 

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Source: http://www.bloomberg.com/news/articles/2015-04-28/takeda-said-to-agree-to-pay-2-3-billion-to-settle-actos-cases



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