The Japanese pharmaceutical company Takeda has agreed to pay $2.37 billion to settle over 10,000 cases filed against their company. The settlement could be the largest settlement of all time, but why have so many people filed suits against the drug manufacturer?
Why Is Takeda Being Sued?
Takeda is the producer of the diabetes medication called Actos. The medication was extremely popular when first released, because it was an easy-to-take pill that increased the effectiveness of insulin in type 2 diabetes patients. However, this treatment had a potentially deadly downside.
What Was The Side Effect Of Taking Actos?
Studies found a link between many bladder cancer patients and Actosâ€”even Takedaâ€™s own study on the link revealed that the drug increased the risk of bladder cancer by 41 percent.Â Thousands of people have filed lawsuits since the discovery, and judges continue to side with patients on these cases. To handle these lawsuits, Takeda offered to pay $3.37 billion if 95 percent of the plaintiffs in these lawsuits opted in.
Is This The Largest Settlement Of All Time?
Over 97 percent of these Actos lawsuits have opted in for the settlement, which automatically increased the payout to $2.4 billion. Only the $4.85 billion Vioxx settlement of 2007 is larger than the Takeda settlement, but victims still have a long wait while the settlement is approved and funds are eventually released.
Many of the victims in this case may have to wait several months before they see the settlement money from this case, but funders like Beacon may be able to help. Beacon Legal Funding offers up to $50,000 in cash, to help personal injury victims pay for rent, medical bills, and living expenses while they wait for a settlement or verdict. To learn more visit our settlement advances page, and keep following our blog, Twitter and Facebook.
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