Teva Wins Support For Nationwide Opioid Settlement With Bigger Cash Offer
Teva to pay $4.25bn over 13 years under agreement in principle with 12 state attorneys general, Native American tribes and plaintiffs’ lawyers. Previous settlement offer provided mostly medication. Deal is contingent on governments signing on and Allergan inking settlement.
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Teva has settled the final outstanding advanced US state-level opioid-related case against the firm, but recent allegations from the New York attorney general could see the firm back in court sooner rather than later.
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.
New York jury finds that Teva and distributor Anda violated state’s public nuisance law in their marketing and distribution of opioids. Such claims had been rejected by two previous courts and the verdict in this case shows the challenges companies face in ongoing litigation.