[ad_1]
Thousands of opioid lawsuits against major drug manufacturers and distributors are about to end, with the outlines of a $ 26 billion deal between states and four companies expected to be announced this week and a $ 1 billion settlement to resolve some of New York’s claims likely on Tuesday, people familiar with the matter said.
AmerisourceBergen Corp. drug distributors , Cardinal Health Inc. and McKesson Corp. and manufacturer Johnson & Johnson have been negotiating the $ 26 billion settlement for more than two years to resolve thousands of lawsuits filed by state and local governments blaming them for helping fuel the country’s opioid epidemic. From 1999 to 2019, the country lost nearly half a million people to prescription and illegal opioid overdoses, according to federal data.
Depending on the contours of the deal, states and municipalities still have several months to sign, and the amount ultimately paid will depend on the number of participants, people familiar with the talks said. Businesses can also always opt out if they’re not happy with the number of states and governments joining them, the people said.
New York, meanwhile, struck a more than $ 1 billion deal with AmerisourceBergen, Cardinal and McKesson midway through a lawsuit against those companies and four other drug companies, some people said. The deal, which is expected to be announced on Tuesday, would remove all three distributors from the lawsuit and represent New York’s share of the larger settlement.
Johnson & Johnson has already settled with New York for $ 263 million ahead of trial.
[ad_2]
Source link