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ARTICLE · 03 AUGUST 2022

What We're Reading This Week [August 1, 2022]

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The proposed settlement is the latest move by a company seeking to resolve the costly litigation.

United StatesInsolvency/Bankruptcy/Re-Structuring
Kyle J. Tum Suden
Kyle J. Tum Suden
Aaron Gavant
Aaron Gavant
Sean Scott
Sean Scott
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According to The Wall Street Journal, Teva Pharmaceutical Industries Ltd. has reached a national settlement agreement worth nearly $5 billion, including about $3.7 billion in cash, to resolve thousands of lawsuits over its alleged role in the opioid crisis. The plaintiffs' executive committee, which represents local and state governments and Native American tribes, reported that the $3.7 billion includes about $650,000 earmarked in previously settled cases. The abatement funds will be spread over 13 years, with Teva also carrying the option of donating $1.2 billion worth of a generic version of its overdose drug—Narcan—for the next decade or an agreed upon equivalent in cash. Once documentation is finalized, a sufficient number of plaintiffs will need to sign on to the deal, which would end the vast majority of opioid litigation. The proposed settlement is the latest move by a company seeking to resolve the costly litigation. [WSJ; July 26, 2022]

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