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J&J reaches opioid settlement with holdout state New Mexico

By Nate Raymond (Reuters) -Johnson & Johnson on Friday said it had agreed to pay $44 million to resolve claims that it fueled the opioid epidemic in New Mexico, a state which...
J&J reaches opioid settlement with holdout state New Mexico © Reuters. FILE PHOTO: The Johnson & Johnson logo is displayed on a screen on the floor of the New York Stock Exchange. REUTERS/Brendan McDermid

By Nate Raymond

(Reuters) -Johnson & Johnson on Friday said it had agreed to pay $44 million to resolve claims that it fueled the opioid epidemic in New Mexico, a state which originally opted against participating in a nationwide settlement resolving thousands of similar cases.

The drugmaker said the $44 million was consistent with the terms of a proposal for J&J (NYSE:JNJ) and drug distributors McKesson Corp (NYSE:MCK), AmerisourceBergen (NYSE:ABC) Corp and Cardinal Health Inc (NYSE:CAH) to pay up to $26 billion to resolve the cases nationally.

New Mexico Attorney General Hector Balderas initially declined to take part in those settlements but last month said the state would participate in the distributors' $21 billion deal. He did not, though, join J&J's $5 billion deal at that time.

Under Friday's accord, J&J agreed to pay New Mexico its share of the nationwide settlement in 2022, rather than over several years, if all of its cities and counties signed on by May 31.

"Opioids have destroyed families in New Mexico, and local communities and addiction professionals still need vital funding to save lives and fight this ongoing tragic epidemic," Balderas said in a statement.

More than 3,300 lawsuits, largely by state and local governments, are pending, seeking to hold those and other companies responsible for an opioid abuse crisis that has led to hundreds of thousands of overdose deaths.

How much of the $26 billion the companies ultimately must pay and how much outstanding litigation they will face depends on state and local government participation.

Settlement supporters recently extended to Jan. 26 a deadline for cities and counties in states that backed the proposal to opt-in to the deals, citing the potential for more states to join.

Nevada and Georgia agreed this month to participate. Six states have not settled with some or all of the four companies.

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18-01-2022 11:51:02 (UTC+7)

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 EUR/USD1.1336Buy
 GBP/USD1.3586↑ Buy
 USD/JPY114.63Sell
 AUD/USD0.7190↑ Buy
 USD/CAD1.2534Neutral
 EUR/JPY129.94Neutral
 EUR/CHF1.0395Buy
 Gold1,813.50Buy
 Silver23.497Buy
 Copper4.4005Sell
 Crude Oil WTI84.53↑ Buy
 Brent Oil87.20↑ Buy
 Natural Gas4.339Buy
 US Coffee C238.90↑ Sell
 Euro Stoxx 504,257.65↑ Sell
 S&P 5004,601.49↑ Buy
 DAX15,773.09↑ Sell
 FTSE 1007,566.20↑ Sell
 Hang Seng24,112.78↑ Buy
 Small Cap 20002,118.45↑ Buy
 IBEX 358,780.74↑ Sell
 BASF67.935↑ Sell
 Bayer52.06Neutral
 Allianz225.90↑ Sell
 Adidas255.00↑ Sell
 Lufthansa7.135↑ Sell
 Siemens AG142.64↑ Sell
 Deutsche Bank AG11.960↑ Buy
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,115/ 6,155
(-5/ -5) # 1,167
SJC HCM6,110/ 6,170
(0/ 0) # 1,183
SJC Hanoi6,110/ 6,172
(0/ 0) # 1,185
SJC Danang6,110/ 6,172
(0/ 0) # 1,185
SJC Nhatrang6,110/ 6,172
(0/ 0) # 1,185
SJC Cantho6,110/ 6,172
(0/ 0) # 1,185
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