States, Companies Reach Landmark $26 Billion National Opioid Settlement

About This Source - Bloomberg QuickTake: Now

Bloomberg L.P. is a privately held financial, software, data, and media company headquartered in Midtown Manhattan, New York City.

It was founded by Michael Bloomberg in 1981, with the help of Thomas Secunda, Duncan MacMillan, Charles Zegar, and a 12% ownership investment by Merrill Lynch.

Recent from Bloomberg QuickTake: Now:

  • German Police Clash With Protesters in Berlin Over Covid-19 Restrictions
  • Cambodia Starts Vaccinating Minors Ages 12 to 17 Years Old
  • Israel Begins Covid Booster Shot Campaign for Seniors
  • Bloomberg Quicktake: Now published this video item, entitled “States, Companies Reach Landmark $26 Billion National Opioid Settlement” – below is their description.

    A group of state attorneys general and the companies involved laid out key details of a landmark $26 billion settlement with large drug companies on Wednesday, a day after lawyers representing local governments nationwide said they were on the verge of settling.

    The deal calls for the drugmaker Johnson & Johnson to pay up to $5 billion, in addition to billions more from the major national drug distribution companies. AmerisourceBergen and Cardinal Health are each to contribute $6.4 billion. McKesson is to pay $7.9 billion.

    States – except West Virginia, which has already settled with the companies – will have 30 days to approve the agreements. After that, local governments will have four months to sign on.

    Each company will decide whether enough jurisdictions agree to the deal to move ahead with it.

    “While the companies strongly dispute the allegations made in these lawsuits, they believe the proposed settlement agreement and settlement process it establishes … are important steps toward achieving broad resolution of governmental opioid claims and delivering meaningful relief to communities across the United States,” the distribution companies said in a statement.

    Connecticut Attorney General William Tong said it would be the second-biggest cash settlement of its kind U.S. history behind the tobacco deal in the 1990s.

    North Carolina Attorney General Josh Stein said the opioid agreement requires state and local governments to use the vast majority of the money on abatement – and that will be subject to a court order. Stein said there’s a strong will to comply because of the devastation from opioids.

    “We all are experiencing the consequences in communities across North Carolina, across the country,” Stein said at a video news conference Wednesday.

    The deal would be part of the ongoing effort to address the nationwide opioid addiction and overdose crisis.

    Prescription drugs and illegal ones like heroin and illicitly produced fentanyl have been linked to more than 500,000 deaths in the U.S. since 2000. The number of cases reached a record high in 2020.

    If approved, the settlement will likely be the largest of many in the opioid litigation playing out nationwide.

    It’s expected to bring more than $23 billion to abatement and mitigation efforts to help get treatment for people who are addicted along with other programs to address the crisis.

    The money would come in 18 annual payments, with the biggest amounts in the next several years.

    Bloomberg Quicktake: Now YouTube Channel

    Got a comment? Leave your thoughts in the comments section, below. Please note comments are moderated before publication.

    In This Story: United States

    The United States is a country also known as the United States of America, USA, US or just America. There are fifty states in the union, which is a federal republic ruled by a representative democracy. Nearly ten million square kilometres are inhabited by over 300 million people. The majority of Americans speak English.

    4 Recent Items: United States

  • Caeleb Dressel Wins 5th Gold Medal at the 2020 Tokyo Olympics | CBS Sports HQ
  • Shia Muslim describes fleeing Taliban attacks in Afghanistan
  • Egyptian experts: Politicizing virus, vaccines mixes up priorities
  • Millions face threat of homelessness as US pandemic protections over evictions expire
  • Leave a Comment