Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) remains a lone defendant in New York after Allegan agreed to pay $200 million to settle a New York public nuisance lawsuit over the marketing of highly addictive opioid painkillers.
After the settlement was agreed, New York Attorney General Letitia James said, "While no amount of money will ever make up for the thousands who lost their lives or became addicted to opioids across our state, these funds will be used to prevent future devastation."
The trial over public nuisance claims brought by New York state and several counties began in June with more than 20 companies as defendants. That’s been whittled to just Teva and its Anda distribution unit after settlements were reached drug makers including Johnson & Johnson and Endo International, and drugstore chains including Rite Aid Corp.
In November, Teva and J&J won a similar public nuisance case in California. Judge Peter Wilson of the Orange County District Court found that no evidence had been produced to demonstrate that the rise in the number of prescriptions for painkillers was not a result of the provision of a medicinal response to patients' needs, and that the pharmaceutical companies had made no false or misleading declarations.
Published by Globes, Israel business news - en.globes.co.il - on December 9, 2021.
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