Teva Reaches $4.25 Billion Settlement Over Opioid Flooding

IS THAT A LOT OF MONEY? –

July 26, 2022 – The deal — worth up to $4.25 billion — came after a series of blistering trials and previous settlements in individual cases across the country over the past year.

Though much lesser-known, Teva, an Israeli company, and its affiliates produced far more prescription opioids during the peak years of the crisis than marquee-name opioid manufacturers such as Johnson & Johnson did. Its production of both generic and branded painkillers dwarfed the output of Purdue Pharma, the maker of OxyContin, the medication most immediately associated with setting off an avalanche of overdoses and deaths. The deal was negotiated by representatives for about a dozen state attorneys general. “Today’s announcement once again shows that those responsible for this tragic issue will be held accountable and help will be available to those affected by the opioid epidemic,” Tom Miller, the attorney general of Iowa, whose office was involved in the negotiations, said in a statement.