A judge ordered Johnson & Johnson to pay $572 million for its part in fomenting Americans’ addiction to painkillers. That’s less than many observers had penciled in. Yet investor optimism looks misplaced, writes rob_cyran.
A judge in Oklahoma ruled on Aug. 26 that Johnson & Johnson was liable for its part in fueling America’s opioid epidemic and ordered it to pay $572 million. The drugmaker said it would appeal the decision.
The state had sought up to $17 billion, claiming the company downplayed the risk of addiction in the marketing and promotion of opioids. In March, Purdue Pharma and members of the Sackler family reached a $270 million settlement to resolve a suit brought by the state of Oklahoma. In May, Teva Pharmaceutical Industries agreed to pay $85 million in the same state.
There are about 2,500 opioid lawsuits nationally with about 2,000 cases, mainly brought by local governments, consolidated before a federal judge in Ohio. The first federal trial, involving two Ohio counties, begins in October.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
![[Spoiler] Killed Bryce Walker on '13 Reasons Why'...But It's Not That Simple.](https://i.headtopics.com/images/2019/8/26/cosmopolitan/spoiler-killed-bryce-walker-on-13-reasons-why-but-it-s-not-that-simple-1166023431797837824.webp?w=640)
[Spoiler] Killed Bryce Walker on '13 Reasons Why'...But It's Not That Simple.So, who actually killed Bryce Walker on '13 Reasons Why'? It's a long story.
Read more »
These 22 sketches make complicated financial concepts simple enough to fit on a napkinNapkin Finance aims to break down complicated financial concepts through text, video, and illustrations. It covers topics like insurance, stocks, debt...
Read more »
Rob Gronkowski saved his entire $54 million career earnings in the NFL by following one simple money ruleRob Gronkowski is retiring from the NFL with his entire career earnings — and he did it by practicing a typical millionaire lifestyle habit.
Read more »
Purdue Pharma in discussion on $10 billion-$12 billion offer to settle opioid claims: sourcesOxyContin maker Purdue Pharma and its owners, the Sackler family, is in discussi...
Read more »
Shares of pharma companies soar after Johnson & Johnson sees smaller-than-expected opioid fineShares of major pharmaceutical companies surged in after-hours trading Monday following a smaller-than-expected fine for Johnson & Johnson.
Read more »