Marking the largest settlement in U.S. history for a drug that is still on the market, the $2.37 billion Actos settlement proposed at the end of April has recently been finalized, Actos-maker Takeda recently announced.
The settlement was finalized because at least 95 percent of the plaintiffs agrees to take the offer. Had less than 95 percent agreed to take the Actos bladder cancer settlement, Takeda may have exercised its option to pull the offer from the table and proceed with litigation.
At this point, a 95 percent acceptance rate means that more than 10,000 plaintiffs, including injured Actos patients and families who have lost loved ones to Actos bladder cancer, will be compensated from this historic settlement.
If, however, the acceptance rate increases to 97 percent (or more), this Actos settlement could be increased to $2.4 billion.
At this time, it’s unclear:
- When the deadlines for accepting the offer close
- How much individual payouts will be (though, in all likelihood, payouts will increase for those with more severe and extensive injuries)
- When payouts can be expected for the plaintiffs who agreed to this Actos bladder cancer settlement.
Background on Actos Litigation: Alleged Problems with Actos
Prescribed for type-2 diabetes, Actos has allegedly been linked to an increased risk of bladder cancer. In fact, in June 2011, the U.S. Food and Drug Administration (FDA) released a warning, alerting the public that Actos users could have up to a 40 percent increased risk of developing bladder cancer (based on their dosage and how long they’ve used the drug).
As court documents explain, the plaintiffs allege that clinical trials for the drug indicated that there was a link between Actos use and developing bladder cancer. However, Takeda allegedly failed to warn physicians and the general public about this link and the serious risks associated with Actos use.
Over the course of this litigation, Takeda has maintained that Actos is safe and effective for the treatment of type-2 diabetes. Given that this drug remains on the market, there no reason to assume that the drug maker would change its position.
So, why did Takeda settle these cases if it thinks Actos is safe? Takeda likely wants to avoid the possibility of plaintiffs being awarded punitive damages in the future, which could substantially increase plaintiffs’ compensation. It may also be possible that Takeda just wants to put this litigation behind them.
Contact a St Louis Personal Injury Lawyer at Brown & Brown Attorneys at Law
If you have been harmed by a dangerous medication or any faulty product, contact a St Louis personal injury lawyer at Brown & Brown Attorneys at Law by calling us at 573-333-3333 for our Missouri office or at 618-888-8888 for our Illinois office. You can also email us using the form at the right-hand side of the screen.