A judge ordered Johnson & Johnson to pay $572 million for its part in fomenting Americans’ addiction to painkillers. That’s less than many observers had penciled in. Yet investor optimism looks misplaced, writes rob_cyran.
A judge in Oklahoma ruled on Aug. 26 that Johnson & Johnson was liable for its part in fueling America’s opioid epidemic and ordered it to pay $572 million. The drugmaker said it would appeal the decision.
The state had sought up to $17 billion, claiming the company downplayed the risk of addiction in the marketing and promotion of opioids. In March, Purdue Pharma and members of the Sackler family reached a $270 million settlement to resolve a suit brought by the state of Oklahoma. In May, Teva Pharmaceutical Industries agreed to pay $85 million in the same state.
There are about 2,500 opioid lawsuits nationally with about 2,000 cases, mainly brought by local governments, consolidated before a federal judge in Ohio. The first federal trial, involving two Ohio counties, begins in October.
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