J&J and three drug distributors unveil $26-billion opioid deal with states

J&J and three drug distributors unveil $26-billion opioid deal with states

7/22/2021 2:04:00 PM

J&J and three drug distributors unveil $26-billion opioid deal with states

The settlement marks a major step forward in litigation over the highly addictive drugs, which have been blamed for more than 500,000 deaths over two decades

The settlement was announced on a day J&Jfor the year, buoyed by the strong recovery of its pharmaceutical, medical device and consumer suits, and added sales from its COVID-19 vaccine. The New Brunswick, N.J., company’s shares rose 0.6%.Advertisement

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“Today’s news is another positive development in the opioid settlement for the distributors,” Evercor ISI analysts including Elizabeth Anderson said in a research note to clients. “We see this settlement as likely to encompass almost all jurisdictions, with the definitive timing for joining, also helping to provide resolution and remove the overhang on shares.”

A “critical mass” of states needs to back the deal or it will fall apart,Joe Rice, one of the lawyers representing states, cities and counties, said in a news conference. He didn’t say how many states or local governments are required to keep it alive. headtopics.com

Every day that goes by without money for treatment just prolongs the pain of the opioid epidemic that has only gotten worse during the pandemic, Louisiana Atty. Gen. Jeff Landry said during a news conference. “States that don’t sign on are really being unreasonable.”

Washington state Atty. Gen. Bob Ferguson rejected the offer, saying what the four companies offered is too paltry to adequately address the harm they’ve caused. For the 320 local governments in Washington, the state’s share would total more than $527 million, but that would be just $30 million a year for 18 years.

Advertisement“Jurisdictions that have gone to trial against these companies have done far better than this agreement,” Ferguson said in a statement, adding that a judge has set a January trial date for his suit against J&J.In the only other verdict against an opioid maker, an Oklahoma judge ordered J&J in 2019 to pay $465 million for causing a public nuisance in the state with its illegal marketing of its opioid-based painkillers. The Oklahoma Supreme Court is weighing the company’s appeal.

U.S. District Judge Dan Polster, who is overseeing much of the opioid litigation, has pointed to the offers by J&J and the distributors as an example for other companies ensnared in suits over the painkillers.Local governments decided to sue opioid makers, distributors and pharmacy providers — such as Walmart Inc. — separately to avoid a repetition of what happened in the $246-billion settlement with tobacco makers in 1998. Much of that money wound up in state coffers and never made it down to the city and county level. headtopics.com

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AdvertisementAlthough other opioid defendants already have settled, the deal involving J&J and the distributors is the first global resolution of all claims against a company by states, cities and counties. McKinsey & Co., for example, agreed to a $641-million accord with all 50 states, but it doesn’t cover municipalities’ claims.

The deal also relieves litigation pressure on the distributors, which have been dropped as defendants in New York’s opioid trial on Long Island. J&J already paid $263 million to be removed from that trial.It’s unclear whether the settlement also will affect the companies’ status in an ongoing trial in federal court in West Virginia. Closing arguments are scheduled for next week. J&J also is facing claims in state court in California over its handing of its former opioid painkillers.

Bloomberg writer Riley Griffin contributed to this report Read more: Los Angeles Times »

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Johnson & Johnson, 3 drug distributors to settle opioid lawsuits for $26 billionMore than 500,000 deaths in the U.S. have been connected to opioid prescription drugs and illegal opioids since 2000. Those criticizing the drug manufacturers for not giving them free vaccines and more free 'things' should take note. Invest heavily on R & D and give away all the profits and even more in ridiculous compensations. Still some miserable humans will never cease to hate businesses

Drug distributors, Johnson & Johnson reach landmark $26 billion opioid settlementUnder the settlement, McKesson, Cardinal Health and AmerisourceBergen are expected to pay a combined $21 billion, while Johnson & Johnson would pay $5 billion. Difference between Big Pharma and Walter White? - Walter White had better character. If corporations were really people, they'd go to prison for their crimes.

States Announce $26 Billion Settlement to Resolve Opioid LawsuitsBreaking: States unveiled a $26 billion settlement with America's three largest drug distributors to resolve thousands of lawsuits blaming them for the opioid crisis What is China going to pay? The Miracles that The LORD is displaying to this Generation are meant to achieve Righteousness in the church. InvitationToRapture Opioid Epidemic May Have Cost States at Least $130 Billion in Treatment and Related Expenses – and That’s Just the Tip of the Iceberg

J&J And Other Drug Companies Strike $26 Billion Opioid Settlement With StatesThe deal will resolve thousands of opioid crisis-related lawsuits. karlegbe

J&J And Other Drug Companies Strike $26 Billion Opioid Settlement With StatesThe deal will resolve thousands of opioid crisis-related lawsuits. karlegbe

Drug distributors, Johnson & Johnson reach landmark $26 billion opioid settlementUnder the settlement, McKesson, Cardinal Health and AmerisourceBergen are expected to pay a combined $21 billion, while Johnson & Johnson would pay $5 billion. Difference between Big Pharma and Walter White? - Walter White had better character. If corporations were really people, they'd go to prison for their crimes.