CNBC by Emma Newburger 6/26/2021
Johnson & Johnson confirms opioid business has ended in $230 million settlement with New York
Key Points
• New York Attorney General’s office said the agreement bans J&J from promoting opioids through any means and prohibits lobbying about such products at the federal, state or local levels.
• However, Johnson & Johnson said it had already exited the business.
• As part of the settlement, the company will resolve opioids-related claims and allocate payments over nine years.
• The settlement follows years of lawsuits by states, cities and counties against major pharmaceutical companies over the opioid crisis, which has killed nearly 500,000 people in the U.S. since 1999.
Johnson & Johnson has agreed to a $230 million settlement with New York state that bars the company from promoting opioids and confirmed it has ended distribution of such products within the United States.
New York Attorney General Letitia James’ office in a statement Saturday said the agreement bans J&J from promoting opioids through any means and prohibits lobbying about such products at the federal, state or local levels.
Johnson & Johnson has not marketed opioids in the U.S. since 2015 and fully discontinued the business in 2020.
As part of the settlement, the company will resolve opioids-related claims and allocate payments over nine years. It could also pay $30 million more in the first year if the state executive chamber signs into law new legislation creating an opioid settlement fund, according to the press release from James’ office.
More:
https://www.cnbc.com/2021/06/26/jj-agrees-to-stop-selling-opioids-in-230-million-settlement-with-new-york.html
