Three pharmas have to pay 26 billion for opioid crisis
...that caused 631 billion damage
For three major American pharmas, including Johnson & Johnson, it’s a lot of lawsuits around the U.S. opioid crisis have to settle for a 26 billion.
The opioid crisis, which began with the addictive painkiller OxyContin (street name “Oxy”), caused hundreds of thousands of victims between 2015 and 2018. According to the Society of Actuaries, an international professional association for actuaries, the crisis led to $631 billion in economic damage in the US. The producer of OxyContin went bankrupt in 2019.
The drug epidemic was declared a national disaster by then US president Donald Trump in 2017, as more and more people were using painkillers for non-medical purposes and people had died of overdose several times.
That led to thousands of lawsuits against major pharmaceutical companies that created and distributed the funds. Four indicted companies now want to settle some of those trials for $ 26 billion. According to a group of opposing lawyers, the companies will come forward with an official announcement later this week.
Johnson & Johnson announced that they would contribute $ 5 billion to the settlement. The other companies wouldn’t respond.
“We do not admit that we have done anything wrong or are responsible for the crisis, but we want to provide security for all parties involved,” said Johnson & Johnson Tuesday.
But with that settlement, there will be no end to the trials. There are still thousands of cases against these four companies and many other pharmacists. Johnson & Johnson previously settled a case for $ 230 million and was sentenced to $ 465 million in damages in another trial. The company appealed against that last case.