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$100 Million Dollar Settlement to Meningitis Victims


Posted on May 08, 2014

A large group of people who acquired meningitis through a pharmacy are now seeking compensation. The victims stand to get a significant compensation.

Fox news reports on the meningitis suit.

A certain pharmacy caused a nationwide meningitis outbreak that has led to the case at hand. The victims are asking for a fund of more than $100 million in compensation.

Fox explains, “The outbreak, blamed on a tainted steroid produced by the New England Compounding Center, sickened more than 750 people in 20 states, the Centers for Disease Control and Prevention said; 64 people died. The settlement, which must be approved by Judge Boroff, was reached between the owners of the company and court-appointed bankruptcy trustee Mr. Moore. It calls for the company's owners to pay $50 million into the fund, with its insurers contributing another $25 million. The agreement would allow the owners to seek $20 million in tax refunds, which also would be contributed to the fund, along with the proceeds of the proposed sale of an affiliated company, Ameridose, bringing the total of the fund to more than $100 million.”

The company has since filed for bankruptcy. The attorney for the meningitis victims issued a statement saying, “The settlement is another important step in a frustratingly long process to get fair compensation to hundreds of victims of the meningitis outbreak. There was unimaginable human death and suffering that cannot be compensated for in money no matter how much it would be.”

The shareholders admitted that no amount of money would be enough to console the families of those who died. A co-chair of a committee representing unsecured creditors of the company issued a statement saying, “This will bring hope to the lives of so many victims who lost loved ones and those who still are suffering the consequences from this horrible disaster.”

 

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