Latest news with #Zantac
Reuters
14-05-2025
- Business
- Reuters
Texas law firm can sell off 6,000 tort cases in bankruptcy deal to repay funders
May 14 (Reuters) - A bankrupt Texas law firm facing allegations it filed lawsuits on behalf of people it did not represent can sell off thousands of mass tort cases as part of a settlement it struck with a pair of litigation funders, according to court records. Chief U.S. Bankruptcy Judge Eduardo Rodriguez in Houston on Wednesday approved the settlement between MMA Law Firm and litigation backers Equal Access Justice Fund and EAJF ESQ Fund in a deal that could allow MMA to sell more than 6,000 of its cases, filings show. The cases include claims in mass litigation over heartburn drug Zantac, weed killer Roundup, and cow's milk-based baby formula for premature infants. The settlement assigns 75% of the proceeds of those sales to the litigation funders, which say they are owed nearly $38 million from MMA. The remainder of the sale proceeds will go to the firm's other creditors. But the funds must receive at least $18 million from the sale, the settlement agreement said. Representatives for MMA and the funds did not immediately respond to requests for comment. Avi Moshenberg, an attorney representing the unsecured creditors in the bankruptcy, welcomed the judge's ruling and said the deal is 'an enormous step toward getting the creditors paid.' The deal resolves a bitter fight playing out in both Texas state court and the U.S. Bankruptcy Court between the Florida-based funds and the troubled law firm MMA, formerly known as McClenny Moseley & Associates. MMA, its founder Zach Moseley and its other attorneys drew scrutiny from several federal judges in Louisiana and prompted an investigation by the FBI after the firm filed thousands of lawsuits in Louisiana state and federal courts in 2022 against insurers on behalf of homeowners who suffered property damage from hurricanes Laura, Delta and Ida. The status of the FBI investigation is unclear. Representatives for the New Orleans FBI office did not immediately respond to a request for comment. The judges held hearings in 2023 over allegations that MMA attorneys improperly solicited or paid for clients through a marketing company and a roofer, filed lawsuits on behalf of people it did not represent and mishandled checks for clients from settlements, according to court records. Attorneys from the firm have faced disciplinary proceedings in both state and federal court, court records show. Separately, law enforcement in Louisiana has also said they are investigating the firm. MMA, facing a lawsuit from the litigation funders in Texas state court, filed for bankruptcy in April 2024. As part of the settlement with the litigation funders, MMA and Zach Moseley will continue to work on some of the firm's cases, although Moseley will not receive a salary increase or bonus until the firm's debts to the funds have been paid, the filing said. The court filings did not address whether any of the 6,000 cases that the firm can sell off include those that were under investigation. In cases brought by attorneys for MMA as part of the bankruptcy filing, which include claims against rival law firms over fees in MMA hurricane damage cases the other firms took over, MMA is slated to keep the majority of the recoveries, according to the agreement.
Business Wire
06-05-2025
- Business
- Business Wire
Two Olson Grimsley Lawyers Named Rising Stars of the Plaintiffs Bar by The National Law Journal
DENVER--(BUSINESS WIRE)--National boutique law firm Olson Grimsley is pleased to announce that partner Jason Murray and associate Isabel Broer have been named to The National Law Journal's 2025 Rising Stars of the Plaintiffs Bar. The National Law Journal describes honorees as 'a select group of young lawyers who are up-and-comers in the plaintiffs bar, already demonstrating their litigation prowess, service to the community, and/or impact on their firm.' Mr. Murray and Ms. Broer are two of only 18 honorees listed from across the United States. 'We are so pleased to see The National Law Journal recognize Jason and Isabel in this way,' said Olson Grimsley co-founder Kenzo Kawanabe. 'Not only are they incredibly talented litigators, but their commitment to their responsibility as advocates for our clients is apparent in everything they do.' An Olson Grimsley founder, Mr. Murray is a nationally recognized trial and appellate lawyer. He played a key role in the 2024 Colorado ballot access case against Donald Trump, presenting arguments before the Colorado Supreme Court, which declared Trump ineligible to appear on the ballot under the 14th Amendment. He then argued the case before the U.S. Supreme Court. Mr. Murray also co-led a landmark trial against Zantac manufacturers GSK and Boehringer Ingelheim, securing a confidential settlement with GSK and trying the case against Boehringer Ingelheim to a hung jury. Before co-founding Olson Grimsley, Mr. Murray was a partner at Bartlit Beck LLP and clerked for Justice Elena Kagan of the U.S. Supreme Court. He also clerked for Justice Neil Gorsuch, who was then on the Tenth U.S. Circuit Court of Appeals. Ms. Broer is a highly skilled litigator and Olson Grimsley's only founding associate. In 2024, she helped secure a more than $20 million judgment against Johns Manville for unlawfully monopolizing the market for calcium silicate pipe insulation. She also worked with Mr. Murray as a key member of the trial team against Zantac manufacturers. Before joining Olson Grimsley, Ms. Broer was a senior assistant attorney general in the Colorado Attorney General's Office. She played key roles in 303 Creative v. Elenis at the U.S. Supreme Court and in a groundbreaking Colorado Supreme Court case. Her work earned her the Attorney General's DEI Champion and Rookie of the Year awards. Ms. Broer also clerked for Judge Christine Arguello of the U.S. District Court of Colorado and for Justice Monica Márquez of the Colorado Supreme Court. NLJ's Rising Stars of the Plaintiffs Bar honorees are selected by The National Law Journal's editors. To read more, click here. About Olson Grimsley Olson Grimsley Kawanabe Hinchcliff & Murray LLC is a national law firm headquartered in Denver with the mission of holding the powerful to account. Prior to founding the firm, the team of talented litigators handled some of the country's most significant civil rights, antitrust, mass tort, consumer and environmental cases in courthouses from California to New York, and from rural Arkansas to the U.S. Supreme Court. They are now focusing their expertise to advocate for plaintiffs in the most consequential trials and appeals nationwide. More information at:
Yahoo
01-05-2025
- Business
- Yahoo
GSK PLC (GSK) Q1 2025 Earnings Call Highlights: Strong Specialty Medicines Growth Amid Vaccine ...
Group Sales: Up 4% in Q1 2025. Operating Profit: Increased by 5%. Core Earnings Per Share: Rose 5% to GBP 0.449. Specialty Medicines Sales: Up 17%. Vaccine Sales: Down 6%. Cash Generated from Operations: Over GBP 1 billion. Dividend: Increased to GBP 0.16 per share. Share Buyback Program: GBP 2 billion commenced. Sales in Q1: GBP 7.5 billion, up 4% year-over-year. Europe Sales Growth: Up 11%. U.S. Sales Growth: Up 4%. Oncology Sales: Up 53%. HIV Sales Growth: Up 7%. Vaccine Sales for Q1: Over GBP 2 billion, down 6%. General Medicine Sales: Stable, with respiratory sales up 1%. Core Operating Margin: Improved to 33.5%. Cash Generated from Operations (excluding Zantac payments): GBP 1.4 billion. Free Cash Flow (excluding Zantac payments): Improved by GBP 0.5 billion. Royalty Income for 2025: Expected to be GBP 750 to 800 million. Warning! GuruFocus has detected 2 Warning Sign with GSK. Release Date: April 30, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. GSK PLC (NYSE:GSK) reported a 4% increase in group sales and a 5% rise in operating profit, demonstrating the strength and resilience of its portfolio. Specialty medicines, the largest business segment, grew by 17%, driven by strong performances in respiratory, immunology, inflammation, oncology, and HIV. The company completed the acquisition of IDRX, adding a promising oncology asset to its pipeline. GSK PLC (NYSE:GSK) generated over GBP1 billion in cash from operations, supporting further investment in growth and shareholder returns. The company confirmed its financial guidance for 2025, indicating confidence in continued profitable growth. Vaccine sales were down 6%, with the pace of penetration in the US slowing due to high immunization rates. The introduction of the Inflation Reduction Act (IRA) is expected to be a GBP400 million to GBP500 million headwind throughout the year. General medicine sales were broadly stable, with some areas experiencing declines due to generic competition. The macro environment presents elevated levels of uncertainty, including potential sector tariffs. The company faces challenges in the US vaccines market, with potential impacts from political rhetoric and regulatory hurdles. Q: What are your expectations for the upcoming launches of Newuara COPD and Glenrep? Could there be strong uptake in H2 2025, or are these more 2026 stories? Also, how might tariffs impact GSK, and what are the mitigating strategies? A: (Dame Emma Walmsley, CEO) We are excited about the new launches. For Newuara COPD, the May 7th PDUFA is on track, and we expect strong physician interest. However, pulmonologists are generally conservative, so uptake might be gradual. For Glenrep, we are cautious about immediate contribution due to the need for careful management of ocular side effects. Regarding tariffs, we have prepared multiple strategies, including regional supply chain resilience and productivity improvements, to mitigate potential impacts. Q: How is the new US administration affecting vaccine demand, especially in the pediatric space, and what is the impact of Medicare Part D redesign on GSK? A: (Dame Emma Walmsley, CEO) We are cautious about the vaccine market, but we are where we expected to be. The Medicare Part D redesign impact is within expectations, with HIV being the largest affected area. (Julie Brown, CFO) The impact is spread evenly throughout the year, with HIV contributing GBP150-200 million of the total GBP400-500 million headwind. Q: Can you explain how GSK manages SGNA growth while launching new products, and how tariffs might affect your supply chain? A: (Julie Brown, CFO) We manage SGNA growth by reallocating resources from mature lines and using marketing models to optimize investment. Our supply chain is complex, but most products touch the US, allowing us to absorb potential tariffs through customs value calculations. We are confident in our dual sourcing and productivity initiatives. Q: What are the dynamics within the PREP market, and is there any impact from the US aid shutdown on clinical trial recruitment? A: (David Redfern, President-Corporate Development) The PREP market is underdeveloped, with only a third of potential beneficiaries receiving it. We see opportunities to switch oral patients to long-acting injectables. The US aid shutdown has not directly impacted our trials, but we are working with the community to address broader impacts. Q: What is GSK's long-term HIV strategy, and how do you view the potential impact of long-acting orals from competitors? A: (David Redfern, President-Corporate Development) We focus on long-acting injectables, with promising data for our VH 184 asset. We believe long-acting injectables offer clear patient preference, and while we monitor long-acting orals, we expect them to primarily cannibalize daily orals. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus.
Bloomberg
16-04-2025
- Health
- Bloomberg
GSK Zantac Appeal Gets Tough Questions From Some Delaware Judges
Some Delaware Supreme Court justices signaled they may be skeptical of a bid by GSK Plc, Pfizer Inc. and other drugmakers to overturn a judge who allowed more than 80,000 lawsuits to proceed to trial over claims that the heartburn drug Zantac is linked to cancer. The state's highest court on Wednesday heard lawyers for the companies attack the findings of Superior Court Judge Vivian Medinilla, who ruled last year that scientific evidence backing the claims was legitimate and could be heard by juries. The companies contend Medinilla didn't property scrutinize the methodologies of certain expert witnesses, who found the medication could cause cancer if stored improperly.
Yahoo
09-04-2025
- Business
- Yahoo
Ohio AG accuses company of covering cancer risks of Zantac in lawsuit
Ohio Attorney General Dave Yost is pushing to lead a class-action lawsuit against a pharmaceutical company. [DOWNLOAD: Free WHIO-TV News app for alerts as news breaks] He is accusing GSK, formerly known as GlaxoSmithKline, of hiding the cancer risks of its once-popular heartburn drug, Zantac. Yost filed a motion on Monday requesting that the Ohio Public Employees Retirement System (OPERS) be appointed as co-lead plaintiff alongside the Indiana Public Retirement System according to an Ohio AG's spokesperson. TRENDING STORIES: Dayton man learns punishment for coercing minors, making child porn 48-year-old man accused of stealing over $32 million in wire fraud facing charges Freeze Warning for entire region; cold, frosty morning OPERS reportedly lost over $14 million due to the alleged misconduct. The lawsuit aims to seek damages for the investors who felt the company was not being honest about the drug's potential cancer risk that they had known about prior, the Ohio AG's office said. The lawsuit alleges that the company misled investors about Zantac's safety. 'The company knew about its product's link to cancer but kept it a secret for decades,' Yost said. 'The reckless cover-up had tragic health consequences for patients and caused serious financial harm for investors.' Zantac was prescribed over 15 million times annually after being introduced in the United States in 1983. The Ohio AG's office claims that GSK and its predecessor company hit an internal study in 1982 that showed Zantac can break down into compounds linked with causing cancer called NDMA. In 2019, an independent lab revealed the danger and caused several cancer-stricken patients to sue the company. Zantac was removed from the market entirely in 2020. Reuters reported back in October that GSK agreed to settle about 80,000 Zantac lawsuits and agreed to pay over $2 billion to settle most lawsuits in U.S. state courts. The agreement with 10 plaintiffs' law firms resolves about 80,000 cases, or 93% of cases pending against the British drugmaker in state courts nationwide, the company said. GSK also said it would pay $70 million to settle a related whistleblower lawsuit filed by a Connecticut laboratory. GSK did not admit wrongdoing as part of the deal, saying in a statement that there was 'no consistent or reliable evidence' that ranitidine, the drug's active ingredient, increased the risk of cancer, Reuters reported. However, it said the settlements were in the best long-term interest of the company to avoid the risk of continuing litigation. [SIGN UP: WHIO-TV Daily Headlines Newsletter]
