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Preliminary Settlement Agreements Establish $100M Fund for Victims of Tainted Steroids Traced to NECC
Date:12/23/2013

BOSTON, Dec. 23, 2013 /PRNewswire/ -- Owners of the bankrupt New England Compounding Pharmacy ("NECC") and NECC's insurers have reached agreements in principle concerning settlements with Bankruptcy Trustee Paul D. Moore, the Official Unsecured Creditor's Committee (the "Committee") and the Plaintiffs Steering Committee (the "PSC") in multidistrict litigation involving NECC pending in Federal Court in Boston (the "MDL") to contribute an amount estimated to exceed $100 million to a compensation fund to be distributed to NECC creditors, including victims who received injections of tainted steroids traced to NECC.  The settlement agreements are subject to final documentation and Bankruptcy Court approval.

The Center for Disease Control estimates that well over 700 people nation-wide have been diagnosed with fungal meningitis or other serious fungal infections. At least 64 deaths have been confirmed.

Paul Moore, the Trustee of bankrupt NECC, commented, "We are pleased that a significant amount of funds will become available for distribution to victims and their families as compensation for the deaths, injuries and suffering they endured as a result of this tragic meningitis outbreak."

David Molton and William Baldiga, partners at Brown Rudnick and counsel to the Committee, added that these settlements "are a material step in expediting compensation to victims and should bring momentum to the Trustee's and Committee's ongoing and vigorous efforts to add to this victims' fund with settlements from others, including medical care providers and pain clinics that administered the tainted steroids to their patients." 

"This preliminary settlement marks a critical milestone in our efforts to maximize recovery for the victims and their families," added '/>"/>

SOURCE Brown Rudnick LLP
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