Takeda Offers $2 Billion Actos Cancer Settlement, Sources Say
Three anonymous sources have disclosed to Bloomberg News that Takeda Pharmaceuticals has offered $2.2 billion in settlement funds to resolve pending Actos bladder cancer cases. If accepted, the offer would be one of the largest settlements in the history of U.S. drug or medical device lawsuits. At The Sanders Firm, we are hopeful that the offer will be a major step in the vindication of plaintiffs’ claims that the drug company misled the public about the cancer risk of their diabetes medication.
An Actos cancer lawyer from The Sanders Firm is available to represent clients who have been diagnosed with bladder cancer as a result of taking Actos or have lost a loved one due to Actos-related bladder cancer. If the settlement unfolds as hoped, plaintiffs can expect to receive a share of the settlement totaling approximately $275,000 each. However, it is important that you reach out to one of our national drug injury attorneys soon, as the possibility of participating in the settlement will not be available for long if the settlement meets with approval by all parties.
Jury awards plaintiff $9 billion
The Japan-based company Takeda, along with Eli Lilly (their U.S. partner), have earned an estimated $16 billion from Actos, the diabetes drug that was introduced into the U.S. market in 1999. But thousands of diabetes patients have sued the company over allegations that the drug comes with an elevated risk of developing bladder cancer and that the company hid such risks from patients and doctors.
Nine lawsuits against Takeda and Eli Lilly have come to trial so far, with five juries deciding in favor of the plaintiffs. In one of these cases, the jury awarded the plaintiff a record breaking $9 billion dollars, which included punitive damages against the pharmaceutical company.
Although the judge later reduced the award to $36.8 million, the size of the award may be an indication that juries will also be sympathetic to future plaintiffs’ claims as well. Even if the deal currently on the table from Takeda does not go through, the fact that they have reportedly offered it is a good indication that they are eager to avoid future jury trials by resolving all pending cases.
Now is a good time to contact an Actos lawyer from The Sanders Firm about a possible bladder cancer lawsuit.
More than 8,000 Actos bladder cancer lawsuits currently pending
Currently, there are more than 8,000 Actos bladder cancer lawsuits currently pending in federal and state courts. 3,500 of these lawsuits have been consolidated as part of a multidistrict litigation (MDL) that has come before U.S. District Judge Rebecca Doherty in Louisiana. The rest of the cases are taking place in state courts in Pennsylvania, California, Illinois, and West Virginia.
Representatives from the pharmaceutical company have never admitted that they are responsible for wrongdoing in connection to their medication. Takeda’s chief executive, Christophe Weber maintains that “Takeda always had the same position. We believe that Actos provides the right benefit risk ratio for patients, is still a good medicine for patients.” Business and law professor Erik Gordon, of the University of Michigan, has called the potential settlement deal a “bargain” for the company.
Under the possible settlement deal, only current plaintiffs or plaintiffs who have already hired a lawyer in order to sue Takeda will be included. That’s why it is imperative to contact an Actos lawyer from The Sanders Firm as soon as possible. Please get in touch with one of our attorneys to schedule a no-cost, no-obligation case review by calling 201-342-5545.
- Bloomberg, Takeda Offers $2.2 Billion to Settle Actos Drug Cases http://www.bloomberg.com/news/articles/2015-04-01/takeda-said-to-offer-2-2-billion-to-settle-actos-drug-cases
- Fortune.com, Takeda's ready to shell out $2.2 billion to settle Actos drug cases http://fortune.com/2015/04/01/takeda-diabetes-cancer/
- Bloomberg, Takeda, Lily Lose Bid to Overturn $9 Billion Actos Award http://www.bloomberg.com/news/2014-08-28/takeda-lilly-lose-bid-to-get-9-billion-actos-award-thrown-out.html