Placement: Consent Agenda
Action Requested: Motion / Vote
TITLE
Approve Insulin Pricing Litigation Retainer Agreement between the City of Port St. Lucie and The Ferraro Law Firm
BODY
Submitted By: Richard Shiller, Deputy City Attorney, City Attorney's Office
Strategic Plan Link: The City's Mission to provide exceptional municipal services.
Summary Brief (Agreements/Contracts only)
1. Prepared by: Charles Snyderman, Paralegal, City Attorney's Office.
2. Parties: City of Port St. Lucie and The Ferrao Law Firm.
3. Purpose: To seek reimbursement of the costs incurred for the overpayment of insulin products for members covered under the City's self-funded health insurance plan as a result of price fixing schemes between pharmaceutical manufacturers and pharmacy benefit managers.
4. New/Renewal/Modified: New
5. Duration: The duration of litigation is unknown.
6. Benefits to Port St. Lucie: To obtain money damages for the exorbitant costs of insulin products over the last 20 years.
7. Cost to Port St. Lucie (Annual and Potential): Initially there will be no costs. The Ferraro Law Firm will advance all litigation expenses necessary to prosecute the litigation. In consideration, the City would agree to pay 25% of any total gross recovery in favor of the City. There is no fee to the Ferraro Law Firm if there is no recovery.
Presentation Information: N/A.
Staff Recommendation: Move that the Council approve the Insulin Pricing Litigation Retainer Agreement with the Ferraro Law Firm.
Alternate Recommendations:
1. Move that the Council amend the recommendation and approve the Insulin Pricing Litigation Retainer Agreement with the Ferraro Law Firm
2. Move that the Council not approve the Insulin Pricing Litigation Retainer Agreement and provide staff with direction.
Background:
According to the American Diabetes Association, more than 38 million Americans are afflicted with diabetes. Over 8 million American diabetics are insulin dependent. Despite relatively ...
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