Trustee Talks Strategy in Tainted-Steroids Settlement
Drugs from the now-defunct New England Compounding Center (NECC) have been linked to 64 deaths and 751 injuries. In an interview, Chapter 11 trustee Paul Moore spoke about the challenges of obtaining a $211 million partial settlement.
June 22, 2015 at 12:14 PM
4 minute read
A settlement worth more than $200 million for victims of a deadly fungal meningitis outbreak tied to tainted steroid drugs is being distributed, even as other defendants fight claims in continuing multidistrict litigation. Drugs from the now defunct New England Compounding Center (NECC) have been linked to 64 deaths and 751 injuries.
The company's Chapter 11 bankruptcy plan approving the payouts became final earlier this month, following U.S. Bankruptcy Judge Henry J. Boroff's confirmation in May. The estimated $211 million settlement includes $21.8 million in potential tax refunds due to New England Compounding shareholders.
Meanwhile, the multidistrict litigation contains more than 200 cases against more than two dozen clinics, plus many additional claims against individual doctors.
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