New York reaches $523 million opioid settlement with drugmaker Teva

New York State has reached a $523 million settlement with drugmaker Teva Pharmaceuticals, ending the state’s massive legal battle against opioid makers and distributors, the New York Attorney General announced Thursday. New York, Letitia James (D).

“We hold Teva Pharmaceuticals accountable for its role in the opioid crisis and the irreparable harm it has caused New Yorkers, their families and their communities,” said New York Governor Kathy Hochul (D) , in a press release. “This company has misrepresented its products for decades, flooding the market with dangerous prescription drugs and putting countless lives at risk.”

New York state is set to receive about $313 million from Thursday’s settlement, which comes after a jury last December found Teva liable for its role in New York’s deadly opioid crisis. The state will also receive a payment of approximately $210 million from Teva’s $4.25 billion global settlement, reached in July.

Overall, New York has brought in more than $2 billion from its cases against opioid manufacturers and distributors, which James launched in 2019. Funds obtained from the lawsuits will be earmarked for treatment and prevention efforts. drug addiction, according to the Attorney General’s press release. .

“You can’t put a price on the lives lost, the addictions suffered, and the families torn apart, but with the more than $2 billion we’ve now delivered to New Yorkers, we can continue to rebuild and recover,” James said in a statement.