Takeda Agrees To Pay $2.3 Billion Settlement Over Actos® Issues
While Takeda had won three previous defense verdicts since 2013 and other compensation awards have been appealed or dismissed, the Tokyo-based pharmaceutical manufacturer has agreed to pay $2.3 billion in settlements over Actos® claims.
Victims have argued that the drug maker ignored or downplayed issues related to the possibility of Actos causing caner before it was made available for use in the U.S. back in 1999 and deceived regulators concerning this risk.
Takeda agreed to put the money into a settlement fund if 95% of those with a claim will agree to join the accord, and will add $300 million to the verdict if the participation rate reaches 97%. The settlement would amount to over $296,000 for each person who signed up for the settlement but could be reduced by outside factors such as the patient’s age and whether they have a history of smoking or other exposure to toxins.
More Damages Could Have Been Sought
Despite the immense amount of damages awarded, Erik Gordon, professor at the University of Michigan’s business and law schools contends Takeda could have been charged with paying even more considering the damage done to previous Actos users. “Given the apparent strength of the cases,” he argued, “the plaintiffs probably deserved more compensation than this deal offers.”
The suit ranks among the largest payouts awarded in a U.S. settlement when it comes to dangerous drugs. Merck & Co. was forced to pay $4.85 billion in lawsuits over the painkiller Vioxx®.
Actos had once been the linchpin of Takeda’s revenue, especially during the first quarter of 2011 when sales accounted for just over a quarter of the manufacturer’s profits.
If you or a loved one suffered harm from Actos, please speak with the McGartland Law Firm, PLLC. Our pharmaceutical injury attorney has vast experience in dealing with dangerous drugs so call the firm today!