Teva Pharmaceutical Industries Ltd. (NYSE:TEVA) and AbbVie unit Allergan Plc (NYSE:ABBV) could pay more than $5 billion in total to settle some 3,500 opioid lawsuits, according to Bloomberg. While the two companies are willing to settle the suits in the consolidated case, the deal has not been finalized. The consolidated case is titled In Re National…
Johnson & Johnson and drug distributors agree to pay $590M in opioid settlement agreement with U.S. tribes
Johnson & Johnson (NYSE:JNJ) and its U.S. subsidiary Janssen Pharmaceutical Companies have reached a $150 million settlement agreement with federally-recognized tribes related to opioid-related claims payable over two years. The case was filed in the U.S. District Court, Northern District of Ohio, Eastern Division. The settlement notes that American Indians have one of the highest…
Johnson & Johnson reaches opioid settlement with Colorado and Nevada
Johnson & Johnson (NYSE:JNJ) has reached a settlement agreement with Colorado and Nevada to put opioid-related allegations there to bed. Colorado will receive $385 million from Johnson & Johnson and the drug distributors McKesson (NYSE:MCK), AmerisourceBergen (NYSE: ABC) and Cardinal Health (NYSE:CAH). Nevada will receive nearly $285.2 million as part of the overall settlement, which is earmarked…
J&J’s proposed opioid settlement framework eclipses its $2B talc penalty
The Supreme Court’s decision to deny reviewing a Johnson & Johnson talc lawsuit leaves the company on the hook for paying $2.5 billion, or $2.1 billion in damages plus interest. But the talc litigation development also serves as a reminder that the company faces multiple litigation risks — some related to opioid litigation. The company…
Purdue Pharma boosts opioid lawsuits settlement offer to $4.28 billion
Purdue Pharma has proposed paying an additional approximately $500 million in cash to settle hundreds of thousands of opioid lawsuits. As part of a proposed bankruptcy settlement, the payments would be spaced out over the next decade. The Sackler family that owns the company has earlier agreed to pay an additional $4.2 billion to settle…
McKinsey to pay $573M in opioid settlement
The prestigious consulting firm McKinsey has struck a deal with 47 states over its role in the opioid crisis. Notably, the company had advised OxyContin manufacturer Purdue Pharma (Stamford, Conn.) on “turbocharging” opioid sales. The pharma company had worked with McKinsey for 15 years. The Justice Department concluded that McKinsey helped manage a Purdue Pharma…
COVID-19 forces healthcare industry to get creative when battling opioid crisis
The pandemic has worsened the opioid crisis. In the 12-month period ending in May 2020, the U.S. had 81,000 drug overdoses, with synthetic opioids being the main driver of overdose deaths. That’s the highest number on record, according to provisional data from the CDC. And the volume of overdoses in May was 42% higher than…
Indivior Solutions ordered to pay $289 million in Suboxone case
A federal judge in Virginia has sentenced opioid-addiction drug maker Indivior Solutions (LON:INDV) to pay $289 million in criminal penalties linked to the marketing of the drug Suboxone, the U.S. Department of Justice announced. In all, Indivior will pay a total of $600 million to resolve civil and criminal liabilities for downplaying safety risks tied…
McKesson could pay $8B to settle opioid lawsuits
Medical supply firm McKesson (NYSE:MCK) announced in a quarterly report that it and two other drug distributors could pay as much as $21 billion in opioid lawsuit settlements over 18 years. Under the new proposal, McKessons’s share of the settlements could be $8 billion. Rivals AmerisourceBergen (NYSE:ABC) and Cardinal Health (NYSE:CAH) would pay the remainder…