Tuesday, December 24, 2013

December 24, 2013, 10: 12 AM Meningitis victims nearing settlement with New England Compounding Center for $100M

BOSTON -- Attorneys for creditors of a pharmacy linked to a nationwide meningitis outbreak said Monday they have reached a preliminary settlement that would set up a victim compensation fund worth more than $100 million.
Attorney William Baldiga said the agreement was reached among creditors, bankruptcy trustee Paul D. Moore and the owners and insurers of the New England Compounding Center. The deal needs approval from a bankruptcy judge and likely will be filed in the next few weeks.
The company, based in Framingham, just west of Boston, gave up its license and filed for bankruptcy protection after it was flooded with hundreds of lawsuits from people who received tainted steroid injections.
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