Money: Johnson & Johnson settles landmark opioid lawsuits for $20.4 million - - PressFrom - Canada
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Money Johnson & Johnson settles landmark opioid lawsuits for $20.4 million

07:10  02 october  2019
07:10  02 october  2019 Source:   thehill.com

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(Reuters) - Johnson & Johnson (NYSE:JNJ) said on Tuesday it will pay $ 20 . 4 million to settle claims by two Ohio counties in a lawsuit that accused the drugmaker of contributing to an U.S. opioid addiction epidemic. The company said in a statement the settlement removes it from a federal trial

Health-care giant Johnson & Johnson announced Tuesday that it has reached a $ 20 . 4 settlement in principle with two Ohio counties on the eve of a massive federal trial to determine who is responsible for the nation’s opioid epidemic. Under the proposed settlement , Johnson & Johnson would pay

Johnson & Johnson settles landmark opioid lawsuits for $20.4 million© Getty Images Johnson & Johnson settles landmark opioid lawsuits for $20.4 million

Pharmaceutical company Johnson & Johnson late Tuesday announced a $20.4 million (C$26.96 million) settlement with two Ohio counties to resolve claims about the company's role in creating the nation's opioid crisis.

Under the settlement terms, Johnson & Johnson will pay Cuyahoga and Summit counties a combined $10 million (C$13.21 million). The company will also reimburse $5 million (C$6.6 million) of the counties' legal expenses, and will also direct $5.4 million (C$7.14 million) of its charitable contributions to non-profit organizations in connection with opioid-related programs in the two counties.

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Johnson & Johnson became the fourth drugmaker to avoid going to trial in the first federal opioids case, announcing Tuesday evening that it had reached a $ 20 . 4 million agreement to settle claims raised by two Ohio counties.

The stocks of Johnson & Johnson and other opioid manufacturers rallied briefly in after-hours trading after the news, perhaps because some had Oklahoma has suffered mightily from opioids . Mr. Hunter has said that between 2015 and 2018, 18 million opioid prescriptions were written in a state with a

Johnson & Johnson will not admit any liability.

"The settlement allows the company to avoid the resource demands and uncertainty of a trial as it continues to seek meaningful progress in addressing the nation's opioid crisis," Johnson & Johnson said in a statement. "The company recognizes the opioid crisis is a complex public health challenge and is working collaboratively to help communities and people in need."

The settlement comes just ahead of a federal trial scheduled to begin Oct. 21. The "bellweather" trial was originally scheduled to pit Summit and Cuyahoga counties against more than two dozen drug companies, pharmacies and distributors.

A federal judge in Ohio has combined more than 2,500 claims from courts across the country as a test of how the plaintiff arguments will fare.The lawsuits from cities and Native American tribes are seeking financial compensation for consequences of the opioid epidemic that has claimed more than 200,000 lives since 1999.

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Johnson & Johnson agreed to pay more than $ 20 million to settle allegations that it helped fuel the opioid epidemic by mishandling its painkillers to avoid the first federal trial over the addictive painkillers. Under the agreement, announced late Tuesday, J&J will resolve opioid claims brought by two Ohio

The 2 million ruling against Johnson & Johnson , the maker of Band-Aids and Johnson 's Baby Powder, represents only about 5% of the billion sought by Oklahoma to pay for opioid addiction treatment and prevention. And it's an even smaller share of the nearly billion Johnson

The Johnson & Johnson settlement now leaves only six defendants left, including the country's largest distributors, as well as Walgreens, one of the largest pharmacy chains. Purdue Pharma, the company that manufactures OxyContin, has reportedly been working on a settlement worth as much as $10 billion. The company has also filed for bankruptcy.

In August, a judge in Oklahoma found Johnson & Johnson liable for allegedly helping to fuel Oklahoma's opioid epidemic, and ordered the company to pay $572 million (C$755.81 million), but only to cover one year. The company has appealed.

Johnson & Johnson said it remains open to finding "an appropriate, comprehensive resolution of the overall opioid litigation."

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