Last month, Japanese company Takeda Pharmaceuticals agreed to pay settlements totaling 2.4 billion dollars to thousands of patients who were diagnosed with bladder cancer after taking Takeda’s prevalent diabetes drug, Actos (pioglitazone). Actos is an oral medication used to help reduce the sugar levels of people who suffer from type 2 diabetes.
Takeda stated that their earnings will be used to help cover the billion dollar legal mess they are currently entangled in, as well as most of the remaining cases. There are approximately 9,000 pending cases against Takeda. The plaintiffs claim that the pharmaceutical company failed to properly reveal the cancer risks of taking this drug to consumers.
Takeda, however, has not admitted any wrongdoing or liability, simply stating that they will settle to help “reduce the uncertainties of complex litigation.”
Richard J. Arsenault, one of the plaintiff attorneys said, “We are pleased that Takeda has agreed to provide $2.4 billion to compensate thousands of deserving bladder cancer victims. After years of hard-fought and contentious litigation, the defendants have finally stepped up to the plate, and we applaud that effort.”
This class action lawsuit is one of the largest settlements from a pharmaceutical product liability case to date. The exact amount that each person will receive depends on various factors, including how much of the medication they consumed, their smoking history and the extent of their injury.
With offices in Knoxville, Nashville and Memphis, personal injury attorney Sid Gilreath and his highly experienced legal team are taking defective pharmaceutical and medical malpractice cases right now. To determine if your case calls for further legal action, schedule a free consultation with Gilreath & Associates today.
For further reading about the pharmaceutical drug approval process, read this article in our knowledge center.