Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Oklahoma reaches $250 million opioid settlement with drug distributors

Stock Markets Jun 27, 2022 08:30PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
2/2 © Reuters. FILE PHOTO: Tablets of the opioid-based Hydrocodone at a pharmacy in Portsmouth, Ohio, June 21, 2017. REUTERS/Bryan Woolston 2/2

(Reuters) -Oklahoma has reached a $250 million settlement with AmerisourceBergen (NYSE:ABC) Corp, Cardinal Health Inc (NYSE:CAH) and McKesson Corp (NYSE:MCK) to resolve allegations the drug distributors contributed to the opioid epidemic in the state, Oklahoma Attorney General John O'Connor said on Monday.

O'Connor said Oklahoma recovered more money from the distributors than the state would have received if it had joined a nationwide $26 billion settlement that was announced last year.

The national settlement also includes Johnson & Johnson (NYSE:JNJ). Oklahoma sued J&J separately, but in November the case was thrown out on appeal, negating a $465 million trial judgment and undermining Oklahoma's legal theories in its opioid litigation.

AmerisourceBergen said drug distributors have been forced to "walk a legal and ethical tightrope" without clearer regulatory guidance on how to protect consumers from legal but potentially dangerous drugs.

"A settlement will avoid years of protracted litigation, expedite the movement of resources to communities impacted by opioid misuse and allow our company to do what we do best – ensuring that health care facilities like hospitals and community pharmacies have access to the medications that patients and care providers need," AmerisourceBergen spokeswoman Lauren Esposito said.

McKesson and Cardinal Health did not immediately respond to requests for comment.

Oklahoma was the last state pursuing litigation related to opioids against the three distributors. Alabama is still suing Cardinal Health and AmerisourceBergen after settling with McKesson. Local governments in West Virginia are pursuing cases after the state settled.

Oklahoma will use at least 85% of the funds to help abate the opioid addiction crisis in the state, according to O'Connor.

The distributors have denied wrongdoing in the epidemic, which has caused more than 500,000 U.S. overdose deaths during the past two decades, according to government data.

Oklahoma reaches $250 million opioid settlement with drug distributors
 

Related Articles

Dow Futures Ease After Positive Week
Dow Futures Ease After Positive Week By Investing.com - Aug 14, 2022 3

By Oliver Gray Investing.com - U.S. stock futures were trading slightly lower during Sunday’s evening deals, after major benchmark averages rallied for the 4th consecutive...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (1)
Jason Moreira
Rolln Jun 28, 2022 12:21AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Each family they destroyed should get 250 million
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email