Bladder Cancer Sufferers May Receive $2.2 Billion in Takeda Actos Settlement
Diabetes is a disease that’s fairly common in Hampton Roads and the rest of Virginia. It’s also a serious condition that can be deadly if it’s not controlled properly.
Knowing this, diabetics are always looking for medications that can alleviate and control their conditions. Actos appeared to be just such a drug. Manufactured by the Japanese drug maker Takeda, Actos regulates blood sugar levels in people with Type 2 diabetes.
Tragically, like so many drugs that give people with serious conditions hope, Actos has a deadly downside that the drug company failed to properly warn those who took it about. Studies found a link between taking Actos (Pioglitazone) and bladder cancer.
Over the last few years more than 8,000 people have filed lawsuits against Takeda and Eli Lilly & Co, which markets Actos. This week Bloomberg reported that Takeda has offered $2.2 billion to settle these cases.
The story was based on information from anonymous insider sources. It said officials at Asia’s largest drugmaker are to settle more than 8,000 lawsuits in federal and state courts in the U.S.
The settlement would be the first in three years of litigation. It would amount to a payment of about $275,000 for each pending case.
The story comes a year after a federal jury in Louisiana ordered Takeda and Eli Lilly & Co. to pay a massive $9 billion in damages to a shopkeeper who blamed Actos for causing his bladder cancer. That award was the seventh-largest in U.S. history but it was later cut by more than 99 percent to $36.8 million by a judge.
The report said the deal is yet to be finalized. Some lawyers who are representing people with bladder cancer were said to believe $2.2 billion is insufficient compensation for all the people who developed bladder cancer after taking the drug, insiders said.
We have also dealt with some of these cases and would agree $275,000 is a small sum for a life-threatening condition like bladder cancer.
Over the last two months we have highlighted a number of defective products and drugs that have caused more harm than the conditions they were meant to relieve. The big drug companies make so much money from their products that they can afford to face the consequences of their actions in court. Bloomberg reported Actos sales peaked in the year that ended March 2011 at $4.5 billion and made up a quarter of Takeda’s revenue at the time. Actos has generated more than $16 billion in sales since it was released in 1999, according to court filings.
If you have been seriously harmed by a drug or a defective product, call Cooper Hurley Injury Lawyers at 757.455.0077 or see CooperHurley.com.