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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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.
Teva CEO Kåre Schultz has spoken at great length of the firm’s current standing with opioid-related matters, days after it reached a deal valued at $225m to resolve claims in the state of Texas. A nationwide deal is still top of the Israeli firm’s agenda, with a rough estimate of $3bn-$4bn suggested.
Following a mammoth six-month trial, a jury in New York has issued a verdict finding that Teva and some of its affiliates are liable for the public nuisance charges made by New York state in its opioid trial in Suffolk County State Supreme Court.