The saga of New England Compounding Center (NECC), the compounder tied to a nationwide fungal meningitis outbreak and a revamp of FDA powers, may be nearing its end. The owners of the bankrupt NECC have reached a settlement agreement with insurers that could provide about $100 million for the hundreds of victims and their families.
The owners will contribute $47.75 million and $20 million in tax refunds and insurers are kicking in $25 million, according to BusinessWeek. Lawyers said the agreement, which would release the NECC owners from further claims, still needs approval from a federal bankruptcy judge but would provide "meaningful compensation" for the victims and their families.
Read more: NECC owners agree to pay meningitis victims $70M, insurers kick in $25M - FiercePharma Manufacturing http://www.fiercepharmamanufacturing.com/story/necc-owners-agree-pay-meningitis-victims-70m-insurers-kick-25m/2014-05-08#ixzz31BCJiVet
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The owners will contribute $47.75 million and $20 million in tax refunds and insurers are kicking in $25 million, according to BusinessWeek. Lawyers said the agreement, which would release the NECC owners from further claims, still needs approval from a federal bankruptcy judge but would provide "meaningful compensation" for the victims and their families.
Read more: NECC owners agree to pay meningitis victims $70M, insurers kick in $25M - FiercePharma Manufacturing http://www.fiercepharmamanufacturing.com/story/necc-owners-agree-pay-meningitis-victims-70m-insurers-kick-25m/2014-05-08#ixzz31BCJiVet
Subscribe at FiercePharma Manufacturing
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