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Drug companies say enough U.S. states join $26 bln opioid settlement to proceed

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Three large U.S. drug distributors and drugmaker Johnson & Johnson will proceed with a proposed $26 billion settlement resolving claims that they fueled the opioid epidemic after 'enough' states joined in, the companies said on Saturday.

The distributors said 42 states, five territories and Washington, D.C., signed on to their agreement.

The companies will make their first annual settlement payment into escrow on or before Sept. 30, the distributors said. The final amount will depend on several factors, including the final participation rate of states and political subdivisions, they added. The settlement's complex formula envisioned at least 44 states participating, but ultimately the companies got to decide whether a "critical mass" had joined and whether to finalize the deal.

The deal, unveiled by 14 state attorneys general on July 21, is designed to resolve more than 3,000 lawsuits accusing the distributors of ignoring red flags that pain pills were being diverted into communities for illicit uses and that J&J played down the risks of opioid addiction.The companies deny wrongdoing, saying the drugs were approved by the U.S. Food and Drug Administration and that responsibility for ballooning painkiller sales lies with doctors, regulators and others.

 

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Companies: $26B settlement of opioid lawsuits to move aheadFour companies in the drug industry said Saturday that enough states had agreed to a settlement of lawsuits over the opioid crisis for them to move ahead with the $26 billion deal. An announcement from the three largest U.S. Won't be long now before the marijuana/cannabis industry has to pay out as well considering the product's carcinogenic roots and its contributions to America's cases of anxiety, depression, and suicides each year. I wonder if Chuck knows about this? SenSchumer CoryBooker This is where I love Justice system mechanics & manipulation. A corner st. Drug dealer will get murder charge if his client dies, yet a drug company family who killed so many with opiods go free.Sweet, justice on sale. Doctors report drug ivermectin proving effective as treatment against COVID despite media backlash
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