The Court-appointed Plaintiffs' Steering Committee (PSC), charged with speaking for hundreds of victims of tainted steroids produced by the New England Compounding Pharmacy, Inc. (NECC), today announced a preliminary settlement with the owners, operators and insurers of the bankrupt NECC.
A conditional agreement has been reached between bankruptcy trustee Paul D. Moore, the PSC and the Unsecured Creditors Committee under which the Cadden and Conigliaro families, the insurers of NECC and related company Ameridose, have promised to pay to a compensation fund an amount that may exceed $100 million. This fund will allow victims who received injections of tainted steroids made by NECC to seek a measure of justice against those wrongdoers.
The agreements are not final, require due diligence on the part of the PSC to ensure the rights to victims are protected under these agreements, and will be conditional upon approval by creditors and a federal court for fairness and adequacy.
