CORAL GABLES, Fla., June 27, 2022 (GLOBE NEWSWIRE) -- MSP Recovery, Inc. (“MSP Recovery” or “MSPR”), a Medicare, Medicaid, commercial, and secondary payer reimbursement recovery and technology leader, today provided a business update.
MSP has commenced sending individual claim demands totaling more than $5.6 billion in billed amounts for payments due from some of the largest pharmaceutical companies in the world.
The total amounts billed against identified pharmaceutical companies related to more than twenty-five different types of recoveries.
MSPR Identifies Additional Owned Claims Against Big Pharma
MSPR today announced that it has identified more than $5.6 billion in billed amounts and more than $2.8 billion in paid amounts for unique potentially recoverable cases on behalf of Medicare Advantage Organizations and other payers against large pharmaceutical companies (“Big Pharma”) for various product liability, consumer protection, and antitrust claims.
The announcement follows MSPR’s announcement two weeks ago that it has grown its owned claims to $368 billion, and identified more than $1.5 billion in billed amounts for unique potentially recoverable cases on behalf of Medicare Advantage Organizations against property and casualty insurance carriers.
To pursue and maximize these identified claims against Big Pharma companies, MSPR is sending individual claim demand packages seeking that these damages for MSPR’s owned claims be paid within thirty (30) days. MSPR is pursuing these recoveries against some of the largest pharmaceutical companies in the world, including but not limited to:
The types of claims being pursued include those set forth in the illustration below:
In addition to these particularized efforts to recover and any pending litigation matters, several Private Lien Resolution Programs (“PLRPs”) have been established across the country by settlement committees in mass tort litigation matters against Big Pharma companies.
PLRPs are established to resolve health care liens asserted by private health insurance providers in mass tort settlements. MSPR is actively working with various lien resolution administrators to recover on those owned claims for which manufacturers have already settled other lawsuits and established PLRPs.
MSPR has already entered into PLRP agreements and has been collecting on those claims. These PLRPs include some of the same Big Pharma companies that have already settled with MSPR on claims brought by individuals as opposed to health plans. MSPR is now pursuing these same types of claims on its owned claims stemming from the same types of agreements already reached. These PLRPs stem from cases that have already been settled by Big Pharma and agreed to pay claimants.
Those PLRPs include:
Roundup/Monsanto Product Liability Litigation
TRT Androderm - Testosterone Replacement Therapy Products Liability Litigation
TRT Androgel - Testosterone Replacement Therapy Products Liability Litigation
Invokana Products Liability Litigation
Xarelto (Rivaroxaban) Products Liability Litigation
Depakote Product Liability Product Liability Litigation
Benicar Product Liability
Purdue Bankruptcy PLRP
Mallinckrodt Bankruptcy PLRP
“In the last several weeks, we diversified our strategy and have begun adding massive individual billing to our recovery efforts. As a result, we have seen a significant increase in the volume of checks received. We believe that with the more than $7.1 billion in billed amounts (including $1.5 billion previously announced on June 13, 2022) we are in the process of sending out, we will continue seeing an increase in the volume of recoveries. We also continue to grow and identify additional recovery opportunities for our existing clients. We have also seen a significant increase in entities that have engaged MSPR at many levels. We have surpassed our expectation in new business growth well beyond our five (5) year forecast and have now established new protocols to match the new business with revenue,” said MSP Recovery Founder and CEO, John H. Ruiz. “Big Pharma is a multi-billion-dollar industry against which MSPR is pursuing significant recoveries through data-driven solutions.”
About MSP Recovery
Founded in 2014, MSP Recovery has become a Medicare, Medicaid, commercial, and secondary payer reimbursement recovery leader, disrupting the antiquated healthcare reimbursement system with data-driven solutions to secure recoveries against responsible parties. MSP Recovery provides the healthcare industry with comprehensive compliance solutions, while innovating technologies to help save lives. For more information, visit: www.msprecovery.com
Forward Looking Statement
This press release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements may generally be identified by the use of words such as "anticipate," "believe," "expect," "intend," "plan" and "will" or, in each case, their negative, or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. As a result, these statements are not guarantees of future performance and actual events may differ materially from those expressed in or suggested by the forward-looking statements. Any forward-looking statement made by MSPR in this press release, its reports filed with the Securities and Exchange Commission (the "SEC") and other public statements made from time-to-time speak only as of the date made. New risks and uncertainties come up from time to time, and it is impossible for MSPR to predict or identify all such events or how they may affect it. MSPR has no obligation, and does not intend, to update any forward-looking statements after the date hereof, except as required by federal securities laws. Factors that could cause these differences include, but are not limited to, MSPR’s ability to capitalize on its assignment agreements and recover monies that were paid by the assignors; litigation results; the validity of the assignments of claims to MSPR; the inability to successfully expand the scope of MSPR’s claims or obtain new data and claims from MSPR’s existing assignor base or otherwise; MSPR’s failure to innovate and develop new solutions, or the failure of those solutions to be adopted by MSPR’s existing and potential assignors; negative publicity concerning healthcare data analytics and payment accuracy; the ability of LifeWallet powered by MSPR to implement its Health Safety Technology and school security technology, and those other factors included in MSPR’s Annual reports on Form 10-K, Quarterly Reports on Form 10-Q and other reports filed by it with the SEC. These statements constitute the Company's cautionary statements under the Private Securities Litigation Reform Act of 1995.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c1fdc0fa-1a6b-4b83-b5ac-f3bea49d8c4f
CONTACT: For Media: ICR, Inc. MSP@icrinc.com For Investors: ICR, Inc. Marc Griffin Marc.Griffin@icrinc.com