Diabetes Drug Maker Offers to Pay More Than $2.2 Billion to Settle Lawsuits

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Drug Maker Offers to Pay $2.2 Billion to Settle Lawsuits
Drug Maker Offers to Pay $2.2 Billion to Settle Lawsuits
Drug Maker Offers to Pay $2.2 Billion to Settle Lawsuits
Drug Maker Offers to Pay $2.2 Billion to Settle Lawsuits

Takeda Pharmaceutical Co., the manufacturer of the diabetes drug Actos, has offered to pay a massive sum of money to settle more than 8,000 lawsuits filed over the medication.

More than 3,500 Actos lawsuits have been consolidated in Lafayette, Louisiana, before U.S. District Judge Rebecca Doherty. About 4,500 more lawsuits have been filed in state courts in Illinois, West Virginia, California and Pennsylvania, according to court documents. The plaintiffs in the cases allege that Takeda hid the fact that Actos is associated with an increased risk of bladder cancer.

Takeda offered to pay upwards of $2.2 billion to resolve these cases. That would mean a settlement of approximately $275,000 each. Takeda has already been ravaged financially over the diabetes drug, having recently been ordered by a Philadelphia jury to pay more than $2.2 billion in damages to a plaintiff who alleged he developed bladder cancer due to taking Actos. The jury found that Takeda neglected to warn about Actos’ health risks and that Actos was a contributing factor to the plaintiff’s bladder cancer.

Additionally, a federal jury in Louisiana last April ordered Takeda and Eli Lilly to pay more than $9 billion in damages to a former shopkeeper who developed bladder cancer after taking Actos. Lilly, which marketed the drug for Takeda, was ordered to pay $3 billion of that award, sending the drug maker’s shares into a drastic downward spiral, according to the Indianapolis Business Journal.

Jerrold S. Parker, founding partner of Parker Waichman LLP, serves on the Plaintiff’s Steering Committee for the MDL cases consolidated in Lafayette, Louisiana.

Read more at: http://www.yourlawyer.com/articles/title/takeda-reportedly-offers-2-2b-to-settle-actos-bladder-cancer-claims