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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.
Due diligence efforts are in progress by plaintiffs' counsel regarding the status and assets of the involved partites and entities. A final agreement will hopefully be concluded in the next few months, which will require court approval. A payout to claimaints is anticipated in 2014, if the foregoing steps are concluded as contemplated.
The case will continue against other defendants, including other companies in Massachusetts and against the clinics in Indiana and other states which purchased the contaminated injections from NECC.
Foley & Small will be in contact with our clients with further details on the settlement and other steps that are being taken on behalf of our clients.