Paul D. Moore, the bankruptcy trustee involved in the negotiations with the bankrupt New England Compounding in Framingham, Mass., told the Boston Globe: "We are working very hard to expedite this process and get money to victims as quickly as possible. This is a first step, although a significant one."
The proposed $100 million settlement, which must be finalized and approved by the U.S. Bankruptcy Court, provides hope to the 751 people who developed meningitis or other infections from the injections including those who died, The Globe said.
It's estimated some 14,000 patients nationwide received the tainted steroid injections and in addition to meningitis, many developed other symptoms. It's unclear how much victims or their families would each receive because the victims have until Jan. 15 to file claims with the U.S. Bankruptcy Court.
The victims and creditors might receive some payments for their pain and medical expenses as early as next year, Moore said.
About a quarter of the settlement is expected to come from insurance companies and the rest from five people who founded and operated New England Compounding and its sister companies: Barry and Lisa Cadden and Douglas, Carla and Greg Conigliaro, said three lawyers who asked not to be identified by the Globe because the details of the settlement have not yet been publicly announced.
The settlement also includes tax refunds the owners are expected to receive because of business losses resulting from the closing of the companies, as well as the estimated proceeds from selling Ameridose, a drug maker with ties to the Framingham drug company, The Globe said.
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