Takeda Settles Actos Lawsuits Over Hidden Cancer Risks for $2.3 Billion
Takeda has preliminarily agreed to settle 8,000 lawsuits accusing the drug company of hiding cancer risks in its diabetes medicine, Actos, according to Bloomberg. The settlement will provide a payment of at least $287,000 per former Actos user. The deal is slightly higher than an earlier offer of $2.2 billion reported at the beginning of April.
Preliminary Settlement Agreement
Approval and Participation Requirements
Takeda’s board must still agree to the deal. Plaintiffs must also opt-in to the settlement, so individuals who have injuries warranting additional compensation can choose to decline it and continue with their lawsuit. The company can pull out of the deal if fewer than 95% of the plaintiffs agree to join the settlement.
Locations of Pending Lawsuits
The company faces lawsuits in Louisiana, Illinois, West Virginia, California and Pennsylvania. Last year, a federal jury ordered Takeda and Eli Lilly to pay $9 billion in damages to an Actos patient with bladder cancer. The seventh largest jury award in U.S. history, according to Bloomberg, was later reduced by a judge to $36.8 million and is on appeal.
Preliminary Settlement Agreement
A Philadelphia jury last year awarded $2 million in damages to an individual on Actos with bladder cancer.
