Hints and tips:
...This should please the appeals court without reducing the cash contribution from J&J. Judges have pushed back on “mass tort” bankruptcies involving 3M and Purdue Pharma....
...A study by researchers at Purdue University examined the evidence for this sort of risk....
...Meanwhile, although not a two-step, bankruptcy has shielded Purdue Pharma from future lawsuits stemming from its OxyContin painkiller....
...J&J’s headquarters are in New Jersey....
...Purdue Pharma has sought bankruptcy protection to cap future payouts linked to its involvement in the nation’s opioid crisis, and members of the Sackler family who own Purdue were also granted immunity from...
...Last month, New York state agreed a $230m settlement with J&J, while its claim against Purdue is moving through US bankruptcy court....
...In addition to J&J, the complaint named Purdue Pharma and the members of the Sackler family that own it, Mallinckrodt, Endo, and Teva among others....
...Purdue Pharma, the maker of OxyContin — the pill that became synonymous with the opioid crisis — was not part of Wednesday’s settlement....
...J&J lost that case but is appealing....
...One presentation released in court showed it suggesting that “high abuse-risk patients” were an “opportunity” for J&J with a patch based on fentanyl, an opioid that is 50 to 100 times more potent than morphine...
...Individuals are routinely imprisoned for dealing illegal drugs, but as she points out “no individual within Purdue went to jail”....
...Andrew Kolodny, co-director of opioid policy research at the Heller School at Brandeis University, and a witness for Oklahoma in its case against J&J, said it would be a “terrific deal” for Purdue — but...
...While Purdue — which has offered between $10bn and $12bn to settle outstanding opioid legal actions according to people familiar with the matter — is considering bankruptcy, J&J and its deep pockets are...
...But it is a pretty narrow case — it is just about J&J now Purdue and Teva settled out.”...
...makers such as Purdue....
...Another called possible fines “manageable” for J&J, which is the world’s largest healthcare company. Meanwhile families such as the Fullers live with their loss every day....
...J&J is contesting the charges and said in a statement: “Our actions in the marketing and promotion of these important prescription pain medications were appropriate and responsible” adding that since 2008...
...J&J counters that its medications account for less than 1 per cent of the US market and that its actions were “appropriate and responsible”. But this is just a taste of what is to come....
...“A trial is important because the public will be able to learn not just what J&J did but also what Purdue did,” said Andrew Kolodnky, co-director of opioid policy research at the Heller School at Brandeis...
...J&J: the next target of anger over America’s opioid crisis?...
...J&J, the largest company named in the litigation, has deep pockets, but it sold its opioid franchise in 2015 to Depomed, while Purdue does not disclose its financial results....
...Purdue, J&J, Cardinal Health and AmerisourceBergen said either they denied the allegations or that they intended to defend themselves vigorously, while also expressing willingness to help tackle the crisis...
...A spokesperson for Jannsen, the J&J division named in the lawsuit, said: “We firmly believe the allegations in this lawsuit are both legally and factually unfounded....
...Chris Hurt, economist at Purdue University in Indiana, estimates the US pork industry will suffer as much as $4bn in losses in the coming year....
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