J&J, Distributors May Be Free Of Opioid Litigation If Enough States Sign On To $26bn Settlement
NY AG has ‘no comment’ on whether criminal charges will be pursued against company executives; NC AG predicts ‘north of 40 states’ expected to accept settlement and would then need to convince municipalities to come on board. States with ongoing litigation against manufacturers may opt for jury trial instead.
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Teva’s EBITDA was in the red to the tune of more than half a billion dollars in Q2, after taking a chunk out of the company’s goodwill and adding more than $700m to its loss contingency for opioid-related claims.
Teva is to put more than $3bn in cash on the table over the next 13 years to resolve longstanding opioid-related claims against the company in the US.
J&J and distributors have enough participation from states and subdivisions to move forward with $26bn settlement. The deal, the second largest in US history, may provide a framework for other companies to reach similar agreements. Jury trials remain pending in several states.