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Correspondence From Attorney Jeff Gaddy Regarding Proposed Settlement Reached in Opioid Lawsuits With Masters Pharmaceutical; and Executed Masters Pharmaceutical Settlement Participation Agreement and Settlement Statement
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BRIEF OVERVIEW
Jeff Gaddy, an attorney with the County’s outside opioid counsel, Levin, Papantonio, Rafferty P.A., sent the attached letter in which he advises that a proposed settlement has been reached with Masters Pharmaceutical, a secondary pharmaceutical distributor and wholesaler against which Hernando County has filed suit as part of the ongoing opioid litigation. The settlement is contingent on 100% participation by all plaintiffs. Mr. Gaddy’s letter explains the formula that was used to determine the net proceeds that will be payable to the County, $156,150.96.
FINANCIAL IMPACT
There is no financial impact until funding has been received.
LEGAL NOTE
The Board has the authority to consider this item pursuant to Fla. Stat. §125.01.
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RECOMMENDATION
No action will be required of the Board of County Commissioners regarding these proposed settlements. In Resolution 2021-101, the Board delegated its authority to execute settlement documents on Hernando County's behalf to the County Administrator.