Settlement Proposed in Actos Bladder Cancer Litigation
Takeda Pharmaceutical Co. has announced a proposed settlement which could resolve the majority of Actos bladder cancer lawsuits currently pending in U.S. courts. A report published by Bloomberg News estimated that eligible plaintiffs could be entitled to a base award of more than $296,000 if the majority of claimants agree to the settlement’s terms.
Actos and Bladder Cancer
Takeda is currently facing nearly 9,000 Actos lawsuits that were filed on behalf of patients who allegedly developed bladder cancer due to long-term treatment with the Type 2 diabetes drug. The medication has been available in the U.S. since 1999, and once ranked among Takeda’s best selling products. In June 2011, the U.S. Food & Drug Administration (FDA) warned that extended use of Actos appeared to double the risk for bladder cancer, setting off the current wave of litigation.
The Actos bladder cancer settlement will become effective if at least 95% of those eligible agree to participate. Once that threshold is met, Takeda will pay $2.37 billion into a settlement fund. However, the company will increase that amount to $2.4 if 97% of claimants join the program. Those eligible to participate include patients who were prescribed Actos, ACTOplus Met, ACTOplus Met XR, or Duetact prior to December 1, 2011, and who were diagnosed with bladder cancer before April 28, 2015. According to Bloomberg News, an individual plaintiff’s base award could be reduced bya number of factors, including age, exposure to toxins and cigarette smoking.
In agreeing to the settlement proposal, Takeda did not admit to liability or wrongdoing in regards to plaintiffs’ alleged injuries. To cover the cost of the settlement and related matters, the company said it would take a $2.7 billion charge against earnings in the fourth quarter of the fiscal year ended March 31st.
The majority of Actos bladder cancer lawsuits have been filed in a federal multidistrict litigation underway in U.S. District Court, Western District of Louisiana. Last year, the jury hearing the proceeding’s first bellwether trial awarded the plaintiff $1.48 million in compensatory damages and $9 billion in punitive damages after finding that Takeda and other defendants failed to provide adequate warnings about a risk of bladder cancer associated with Actos, However, the judge overseeing the case ultimately reduced the award by more than half.
Learn More About the Actos Settlement
Bernstein Liebhard LLP continues to offer free case reviews to individuals who allegedly developed bladder cancer due to their use of Actos. To learn more about the Actos lawsuit settlement, please call 1-877-779-1414.