Sunday, December 23, 2012

: New England Compounding Center's filing shields company from creditors while it sets up compensation fund for victims The New England Compouding Company said in its filing that 130 lawsuits have been filed against it over tainted drugs.

New England Compounding Center's filing shields company from creditors while it sets up compensation fund for victims.

A pharmacy blamed for causing a deadly nationwide meningitis outbreak has filed for bankruptcy protection and said it is seeking to set up a fund to pay victims.
Contaminated steroid injections from the New England Compounding Center are thought to have been responsible for 39 deaths and 620 illnesses.
The chapter 11 filing in US bankruptcy court on Friday shields the company from the threat of creditor lawsuits while it establishes the fund.
The company said in its filing that 130 lawsuits have been filed against it and 270 other people have claimed injury from the tainted drugs.
"The number or lawsuits and demands is rising on a daily basis," the filing read. "The sheer volume and wide geographic distribution of cases bringing the prospect of chaotic, conflicting and value-destroying pretrial orders and remedies has necessitated commencing this case at this time."
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