Tor Hoerman announces finalization of historic $2.37 billion settlement with Takeda to benefit over 10,000 persons claiming injury from diabetes drug, Actos.
Online PR News – 12-September-2015 – Chicago, IL – Counsel for Takeda and TorHoerman Law, co-lead counsel for Plaintiffs, in the Actos bladder cancer litigation proudly announce today that the settlement agreement reached on April 28, 2015 is final. The Actos settlement is the largest settlement ever for a drug remaining on the market and will compensate over 10,000 injured persons or the families of those injured.
Under the terms of the settlement agreement 95 percent of Plaintiffs needed to opt in to the settlement in order for the settlement agreement to become final and official. According to Tor Hoerman, co-lead counsel for the Plaintiffs,
“This settlement is going to do a lot of good for a lot of people that have either suffered from cancer or had a family member suffer. I feel honored to have been involved in this litigation from the beginning through the negotiation of the settlement to this achievement.”
Hoerman explained further that the amount to be paid to plaintiffs would rise to $2.4 billion if 97 percent or more agree to the terms of settlement. It is currently unknown if the 97 percent threshold will be met but, according to Tor Hoerman,
“Great efforts are being made by plaintiff’s counsel to achieve 100 percent satisfaction with this settlement. This fantastic result is the culmination of a lot of hard work by a lot of people including clients, Judges, and lawyers on both sides of this litigation. I applaud all those involved and believe this is a good day for a lot of people. We are hopeful that we will reach the 97 percent threshold. I am honored to have been a part of this process.”
While there is still plenty of administrative work to be done, this represents a major milestone in this historic settlement.